Just a Minute! on New PBM Transparency Rules

November 6, 2026

As we reported in the October 29 Benefits Byte, the U.S. Department of Labor published final regulations on November 2 governing the disclosure of compensation to pharmacy benefit managers (PBMs) and related service providers under ERISA Section 408(b)(2).

In this episode of Just a Minute!, Council President Katy Johnson explains that the Council remains very supportive of health system transparency generally, but voiced employer concerns throughout the development of these regulations, articulating the need to protect plan sponsors from unnecessary administrative burdens and legal liability.

Council members should stay tuned for an upcoming Benefits Briefing webinar to discuss the final rules with legal experts and DOL officials.