US Department of Labor extends comment period for pharmacy benefit manager fee disclosure proposed rule

WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today announced that it is extending the public comment period for its proposed rule on pharmacy benefit manager fee disclosures until April 15. 

The proposed rule, Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure, was published on Jan. 30, and would impose new disclosure obligations on PBMs serving group health plans covered under the Employee Retirement Income Security Act. The rule would require PBMs to provide plan fiduciaries with detailed information about their compensation and financial arrangements, enabling fiduciaries to evaluate the reasonableness of PBM fees and satisfy their ERISA fiduciary duties. 

The extension follows enactment of the Consolidated Appropriations Act, 2026, which amended ERISA to add provisions relating to pharmacy benefit management services. EBSA is extending the comment deadline to allow stakeholders to address how to harmonize the proposed rule with the new statutory requirements. 

The proposed rule represents a historic step aimed at increasing cost transparency in prescription drug benefits. It was issued pursuant to President Trump’s Executive Order, “Lowering Drug Prices by Once Again Putting Americans First.” 

The formal notice of the comment period extension will be published in the Federal Register on March 2.