"Early 2026 brought two major federal actions that reshape how pharmacy benefit managers (PBMs) are regulated and how plan fiduciaries oversee prescription drug benefits. ... Together these changes send a clear message that PBM arrangements are no longer something plan sponsors can treat as too technical or complicated to understand. Fiduciaries are expected not only to obtain PBM data but to evaluate it, document decisions, and monitor PBM performance over time."  MORE >>