,,ii  #aah? ,,congress  #a/ ,session    
,s4 #cccj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #ae1 #bjbc,mr4
 ,braun 7= himself1 ,ms4 ,hassan1 ,mr4  
,m>%all1 ,mr4 ,budd1 & ,mr4 ,ka9e7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to require ! ,secret>y (    
,labor to conduct a /udy on ! fiduci>y  
duties ( ph>macy b5efit manag]s4  #a4   
,/udy on fiduci>y duties ( ph>macy      
b5efit manag]s  7a7 ,9 g5]al ,n lat] ?an
 #b ye>s aft] ! date ( enactm5t ( ?is   
,act1 ! ,secret>y ( ,labor %all conduct1
 & submit to ,congress a report describ+
 ! results (1 a /udy on ! impacts ( a   
*ange 9 policy describ$ 9 subsection    
7b74  7b7 ,policy describ$ ,"u a policy 
ref]r$ to 9 subsection 7a7-- 7#a7 an    
entity provid+ ph>macy b5efit managem5t 
s]vices w\ld be consid]$ a fiduci>y )9 !
 mean+ ( section #c7ba7 ( ! ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7ba77 )       

respect to a gr\p heal? plan or gr\p    
heal? insurance cov]age2  7#b7 su* an   
entity w\ld-- 7,a7 be subject to !      
responsibilities1 obligations1 & duties 
impos$ on fiduci>ies "u "p #d ( subtitle
 ,b ( title ,i ( su* ,act 7#bi ,u4,s4,c4
 #aaja et seq472 &  7,b7 make ! requir$ 
fiduci>y disclosure "u section          
#djh7;b77#b77;,b77iii7 ( su* ,act 7#bi  
,u4,s4,c4 #aajh7;b77#b77;,b77iii77 )    
respect to ! ph>macy b5efit managem5t   
s]vices provid$ to ! plan or cov]age2   
7#c7 no?+ w\ld be con/ru$ to prohibit   
entities provid+ ph>macy b5efits        
managem5t s]vices f reta9+ bona fide    
s]vice fees 9 accordance ) ! requirem5ts
 ( section #djh7;b77#b7 ( ! ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajh7;b77#b772 &  
7#d7 bona fide s]vice fees w\ld be p] se
 unreasonable = purposes ( ?is section &
 su* section if su* fees are-- 7,a7 bas$
 on drug price 7su* z :olesale          
acquisition co/7 or drug b5*m>k price   
7su* z av]age :olesale price72  7,b7    

disc\nts1 rebates1 fees1 or o!r         
remun]ation ) respect to prescription   
drugs prescrib$ to p>ticipants or       
b5efici>ies 9 ! plan or cov]age2 or     
7,c7 o!rwise det]m9$ by ! ,secret>y to  
be unreasonable4  7c7 ,def9itions ,9 ?is
 section3 7#a7 ,bona fide s]vice fees ,!
 t]m bona fide s]vice fees means fees   
paid by a manufactur]1 cu/om]1 or cli5t 
7o!r ?an a gr\p heal? plan or heal?     
insurance issu]7 ( an entity provid+    
ph>macy b5efit managem5t s]vices1 to an 
entity provid+ ph>macy b5efit managem5t 
s]vices1 t repres5t fair-m>ket value =  
bona fide1 itemiz$ s]vices actually     
p]=m$ on behalf ( ! manufactur]1 cu/om]1
 or cli5t & t ! manufactur]1 cu/om]1 or 
cli5t w\ld o!rwise p]=m or contract = 9 
! abs5ce ( ! s]vice arrangem5t1 & t are 
n pass$ on 9 :ole or 9 "p to a cli5t or 
cu/om] ( an entity1 :e!r or n ! entity  
takes possession ( ! drug4  7#b7        
,:olesale acquisition co/ ,! t]m        
:olesale acquisition co/ has ! mean+    
giv5 su* t]m 9 section                  

#ahdg;,a7c77#f77;,b7 ( ! ,social        
,security ,act 7#db ,u4,s4,c4           
#aciew-#c;a7c77#f77;,b774