This legislation, known as the PBM FAIR Act, seeks to amend the Employee Retirement Income Security Act of 1974 (ERISA) by explicitly designating pharmacy benefit managers (PBMs) as fiduciaries for group health plans. Under this bill, an entity would be deemed a fiduciary if it maintains a prescription drug provider network or formulary, or engages in activities such as negotiating rebates, processing prescription drug claims, or performing utilization review on behalf of a group health plan. The bill further requires **compensation disclosures** from PBMs and third-party administrators, detailing both direct and indirect compensation received for their services. A significant provision prohibits PBMs, once deemed fiduciaries, from being **indemnified** or otherwise relieved from liability for any breaches of their ERISA duties. This aims to enhance accountability and transparency in the management of prescription drug benefits for employee health plans.