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To clarify the requirement to disclose direct and indirect compensation from entities providing pharmacy benefit management services or third party administration services.
Summary
This bill clarifies what brokers and consultants must disclose about compensation they receive related to pharmacy benefit management services and third-party administration services for employer health plans. The Secretary of Labor must issue regulations within 180 days that explain these disclosure requirements. The regulations would apply to health plans with plan years beginning at least six months after the rules are finalized. The bill states this clarifies requirements that were already intended to be in effect, rather than creating new obligations.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Marshall, Roger [R-KS] (R-KS)
1 cosponsor
Money behind the sponsor
Top reported contributors to Roger Marshall’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $46,314
- PYRAMID SOUND $19,800
- GROWITZ EQUITY $13,200
- SPECCHEM $13,200
- ONYX EQUITY PARTNERS $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Roger Marshall → · Outside spending →
Actions (2)
- Dec 4, 2025 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. · senate
- Dec 4, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
December 4, 2025
Mr. Marshall (for himself and Ms. Blunt Rochester) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To clarify the requirement to disclose direct and indirect compensation from entities providing pharmacy benefit management services or third party administration services.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “PBM Disclosure Act”.
SEC. 2. CLARIFICATION OF REQUIREMENT TO DISCLOSE DIRECT AND INDIRECT COMPENSATION FOR BROKERS AND CONSULTANTS TO EMPLOYER- SPONSORED HEALTH PLANS.
(a) In General.—Section 408(b)(2)(B)(ii)(I)(bb) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)(ii)(I)(bb)) is amended by adding at the end the following:
“(CC) Pharmacy benefit management services provided by pharmacy benefit managers or other service providers and related services provided by third party administrators (or other entities providing such services) for which the covered service provider, an affiliate, or a subcontractor reasonably expects to receive indirect compensation or direct compensation described in item (dd).”.
(b) Regulations.—Not later than 180 days after the date of enactment of this Act, the Secretary of Labor shall promulgate regulations, through notice and comment rulemaking, clarifying the requirements of section 408(b)(2)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)) with respect to covered service providers providing services described in subitem (CC) of subclause (I)(bb) of such section, as amended by subsection (a). Such regulations shall apply with respect to any plan year that begins on or after the date that is 6 months after such regulations are promulgated.
(c) Sense of Congress.—It is the sense of Congress that the amendment made by subsection (a) clarifies the existing requirement of covered service providers with respect to services described in section 408(b)(2)(B)(ii)(I)(bb)(BB) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)(ii)(I)(bb)(BB)) that were in effect since the application date described in section 202(e) of the No Surprises Act (Public Law 116-260; 29 U.S.C. 1108 note), and does not impose any additional requirement under section 408(b)(2)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)). <all>
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