What does Preamble of Hidden Fee Disclosure Act of 2025 do?

This bill proposes to amend the Employee Retirement Income Security Act of 1974. The amendment aims to clarify and strengthen the application of certain employer-sponsored health plan disclosure requirements.

What does SHORT TITLE. of Hidden Fee Disclosure Act of 2025 do?

This bill is formally titled the Hidden Fee Disclosure Act of 2025.

What does CLARIFICATION OF THE APPLICATION OF FEE DISCLOSURE REQUIREMENTS of Hidden Fee Disclosure Act of 2025 do?

This section amends the Employee Retirement Income Security Act of 1974 It clarifies the application of fee disclosure requirements to covered service providers The amendment expands the definition of services to include brokerage services and other services

What does STRENGTHENING DISCLOSURE REQUIREMENTS WITH RESPECT TO ENTITIES of Hidden Fee Disclosure Act of 2025 do?

This section amends the Employee Retirement Income Security Act of 1974 to strengthen disclosure requirements for entities providing pharmacy benefit management services and third-party administration services for group health plans. It requires covered service providers to disclose certain information, including compensation and fees, on an annual basis to responsible plan fiduciaries. The disclosed information includes direct and indirect compensation, gross and net spending on drugs, and cost-sharing collected from pharmacies. The section also defines pharmacy benefit management services and third-party administration services for group health plans. It establishes privacy requirements for covered service providers, including restrictions on the use and disclosure of disclosed information.

What does IMPLEMENTATION. of Hidden Fee Disclosure Act of 2025 do?

This section requires the Secretary of Labor to issue notice and comment rulemaking within one year of the Act's enactment. The rulemaking is necessary to implement the Act's provisions. The rulemaking must consider the varied compensation practices of covered service providers, as defined in section 408(b)(2)(B). The rulemaking must establish standards for the disclosure of expected compensation by covered service providers.

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Hidden Fee Disclosure Act of 2025

Last updated: 3/11/2025 · Introduced: 3/11/2025

Author: Joe Courtney (D-CT)

TL;DR (AI)

This bill amends the Employee Retirement Income Security Act of 1974 to expand fee disclosure requirements for employer-sponsored health plans to include brokerage services and other services.
It mandates annual disclosures from pharmacy benefit managers and third-party administrators, including compensation, drug spending, and cost-sharing collected from pharmacies, to plan fiduciaries.
The Secretary of Labor must create regulations within one year to implement these disclosure requirements, considering varied compensation practices and establishing standards for expected compensation.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

5 sections

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