The New Era of PBM Transparency

The pharmacy benefits world has entered a new era. Between the enactment of the 2026 Consolidated Appropriations Act (CAA) and emerging federal rules on PBM disclosures, the level of transparency and fiduciary responsibility expected of plan sponsors is about to increase dramatically. These regulatory developments will reshape PBM contracts, reporting standards, and plan oversight for years to come. If you're a benefits leader, HR executive, or fiduciary responsible for a health plan, you cannot afford to be behind on what transparency means, why it matters, and when it's coming. In this session, Jennifer Berman, Chief Legal Officer at Lumelight, breaks down the biggest changes shaping PBM transparency and gives you a practical roadmap for compliance and oversight. Jennifer covers an overview of the CAA 2026 PBM reforms and their scope, what plan sponsors need to think about now (and when each provision applies), a clear implementation timeline for what's coming in 2026, 2028, and beyond, updated disclosure requirements and how compensation, rebates, and reporting transparency will shift, and the key fiduciary considerations, including anticipated audit rights and oversight expectations. Who should watch: benefits leaders and HR directors, CFOs and finance partners overseeing plan spend, plan fiduciaries and committee members, and employers navigating rising prescription costs. Lumelight and Ethos Benefits are committed to giving plan sponsors clarity, confidence, and compliance in a rapidly evolving PBM landscape. Want to talk through what this means for your plan? Schedule a Strategic Analysis with Ethos Benefits: https://vist.ly/5bekp Finished with the content? Claim your CE credit here: https://vist.ly/5bekm SHRM: Ethos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. HRCI: Ethos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.