Amends clause (ii)(I)(bb) of section 408(b)(2)(B) of ERISA (29 U.S.C. 1108(b)(2)(B)) by changing the wording in subitem (AA) to replace the phrase "Brokerage services," with "Services (including brokerage services),". This broadens the label used for that subitem to encompass services generally, while still including brokerage services.

Amends clause (ii)(I)(bb) of section 408(b)(2)(B) of ERISA by revising subitem (BB): (A) replaces the label "Consulting," with "Other services,"; and (B) replaces the prior text "related to the development or implementation of plan design" and all that follows through the period with an explicit list of covered services, namely: plan design, claim repricing, insurance or insurance product selection (including vision and dental), recordkeeping, medical management, benefits administration selection (including vision and dental), stop-loss insurance, pharmacy benefit management services, wellness design and management services, transparency tools, group purchasing organization agreements and services, participation in and services from preferred vendor panels, disease management, compliance services, employee assistance programs, third party administration services, and consulting services related to any such services.

Amends clause (iii)(III) of section 408(b)(2)(B) of ERISA by striking the phrase ", either in the aggregate or by service," and inserting the phrase "by service" — thereby specifying that fee disclosures must be provided by service rather than allowing aggregate disclosure.

Amends clause (i) of ERISA section 408(b)(2)(B) to change the phrase “requirements of this clause” to “requirements of this subparagraph” and to treat certain contracts where an entity or subsidiary (including a health insurance issuer that contracts for PBM services) contracts with a PBM for services as an indirect furnishing for purposes of applying section 406(a)(1)(C).

Adds a new clause (VII) to clause (iii) of ERISA section 408(b)(2)(B) to require that, in contracts or arrangements where a covered service provider provides pharmacy benefit management services to a covered plan, additional information be included as part of the description required under subclauses (III) and (IV). (Text of the specific additional items to be included is added by the amendment.)