Proposed Regulations Would Require Extensive Disclosures From PBMs

On January 30, 2026, the Department of Labor (DOL) published proposed regulations adding new health plan disclosures under the ERISA prohibited transaction exemption requirements set forth in ERISA section 408(b)(2). If finalized in their current form (which, following passage of CAA 2026 might be unlikely) PBMs will be required to provide new disclosures detailing the compensation they receive in connection with a group health plan contract.

The proposed regulations seem to be on an unusually fast track towards adoption. Although published at the end of January 2026, comments are due by the end of March. It appears that the DOL intends to quickly finalize the regulations so that the regulations can apply for plan years starting on or after July 1, 2026. If the DOL sticks to this aggressive timeline, PBMs for some non-calendar-year plans will likely have only a few months (maybe less) to come into full compliance and plan fiduciaries may start receiving reports