---
title: New PBM transparency rule increases employer access to data
description: New PBM transparency rule enhances employer access to drug pricing data, aiding in better evaluations of service arrangements and potential conflicts of interest.
image: https://insights.bukaty.com/hubfs/New%20PBM%20transparency%20rule.jpg
---

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![New PBM transparency rule](https://insights.bukaty.com/hs-fs/hubfs/New%20PBM%20transparency%20rule.jpg?width=600&height=400&name=New%20PBM%20transparency%20rule.jpg "New PBM transparency rule")

# New PBM transparency rule increases employer access to data

Authored by  Bukaty Companies on November 9, 2026

The Department of Labor’s (DOL’s) recently finalized [Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure](https://www.federalregister.gov/documents/2026/11/02/2026-22306/improving-transparency-into-pharmacy-benefit-manager-fee-disclosure) rule aims to demystify pharmacy benefit manager (PBM) pricing and fees, help employers evaluate the reasonableness of service arrangements and provide greater insight into prescription drug spending. The final rule takes effect January 4, 2027. PBM disclosure requirements apply to plan years beginning on or after July 1, 2027.

Under the rule, covered service providers (CSPs) must provide fiduciaries of large, self-funded group health plans with detailed information about compensation received for pharmacy benefit management services. CSPs include PBMs, and certain affiliated brokers and consultants that provide pharmacy benefit management or related services to these plans and expect to receive at least $1,000 in compensation.

CSPs must provide initial disclosures reasonably in advance of entering into, extending or renewing a service arrangement, followed by ongoing disclosures at least semiannually (or quarterly upon the plan's request). Required disclosures include a description of services, direct compensation, indirect compensation, manufacturer payments, spread compensation, pharmacy recoupment, price protection agreements, compensation for termination, formulary placement incentives, drug pricing methodology, and a statement of audit rights.

The disclosures help plan fiduciaries identify potential conflicts of interest and evaluate whether PBM compensation is reasonable. The rule also gives plan fiduciaries the right to audit the accuracy of PBM disclosures at least annually.

Employers sponsoring smaller self-funded plans or fully insured group health plans are not subject to detailed PBM disclosure requirements. However, service providers to these plans may remain subject to broader statutory fee disclosure requirements under ERISA.

The DOL has established a temporary enforcement policy while service providers and plan fiduciaries develop processes to comply with the updated statutory and regulatory requirements. During this period, the DOL will not treat covered service providers as having failed to meet disclosure obligations, or responsible plan fiduciaries as having engaged in prohibited transactions, when they act in accordance with a good-faith interpretation of their respective statutory obligations.

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