H.R. 6837 — To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes.

This section deems a person or entity a fiduciary under ERISA with respect to a group health plan if it maintains a prescription drug provider network or formulary through drug purchases or engages in related activities such as negotiating or aggregating prescription drug rebates, fees, or discounts; processing and paying prescription drug claims; or performing prescription drug utilization review or management. (As background, ERISA fiduciaries must discharge duties with care, skill, prudence, and diligence and solely in the interest of the plan and participants.) It further (1) requires disclosure of $25 million (from $5 million) for Pell Grants for FY2026. disclosures of direct and indirect compensation for pharmacy benefit management services (e.g., establishing prescription drug networks or formularies or purchasing drugs from manufacturers or wholesalers) and certain third-party administrative services (e.g., provider networks, claims processing, record maintenance, or reimbursement rate negotiation); (2) clarifies that a covered service provider may not be the responsible plan fiduciary for such disclosures, except a pharmacy benefit manager sponsoring its own covered plan; (3) prohibits indemnification of these new fiduciaries for any liability under ERISA part 4, voiding contrary contract provisions as against public policy; and (4) makes a conforming amendment to cross-references in ERISA service provider disclosure rules. The amendments apply to plan years beginning at least 12 months after enactment.