The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) recently used its regulatory update to announce several new rules, including a new fee disclosure rule concerning pharmacy benefit managers (PBMs). Characterized as a “high-priority” action for EBSA, the PBM fee disclosure rule would focus on direct and indirect compensation to further an executive order promoting drug price transparency.
EBSA reportedly also plans to revisit previously issued regulations as part of the Trump administration’s intent to implement a “bold regulatory agenda, which focuses on flexibility, transparency, and common-sense reform.” In May 2026, the DOL plans to issue rulemaking concerning the definition of an “investment advice fiduciary” under the Employee Retirement Income Security Act (ERISA). The DOL noted that two Texas federal courts have stayed a regulation issued under former President Joe Biden expanding the definition of fiduciary for ERISA. DOL will now review the regulation to ensure that it is “based on the best reading of the statute.”
Furthermore, EBSA intends to issue new rules next year that will affect how plan fiduciaries can consider environmental, social, and governance (ESG) factors in their investment decisions. The DOL told the U.S. Court of Appeals for the Fifth Circuit that it may bring a legal challenge against a Biden-era rule on ESG factors in investing that is currently before that court on appeal. According to its quarterly report, DOL aims to ensure that plan fiduciaries select investments based only on financial considerations, not advance social causes.
EBSA also announced a rule on default electronic disclosures that it intends to release no later than May 2026. In its announcement, EBSA said its goal was to explore ways to reduce costs and burdens on employers and plan fiduciaries in terms of mandatory plan disclosures. This announcement also noted that streamlining plan disclosures stems from a January executive order related to government efficiency.
HBL has experience in all areas of benefits and employment law, offering a comprehensive solution to all your business benefits and HR/employment needs. We help ensure you are in compliance with the complex requirements of ERISA and the IRS code, as well as those laws that impact you and your employees. Together, we reduce your exposure to potential legal or financial penalties. Learn more by calling 470-571-1007.
Hall Benefits Law, LLC
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