Adds a new subparagraph (C) to section 3(21) of ERISA that deems a person or entity to be a fiduciary with respect to a group health plan if the person/entity (i) maintains a prescription drug provider network or formulary through the purchase of prescription drugs from manufacturers, distributors, wholesalers, rebate aggregators, group purchasing organizations, or associated third parties, or (ii) engages in specified PBM functions on behalf of or in connection with the plan (negotiation/aggregation of rebates/fees/discounts/price concessions; processing and payment of prescription drug claims; performing utilization review and management for prescription drugs).

Amends 29 U.S.C. 1108(b)(2)(B)(ii)(I)(bb) by adding text at the end of that clause as provided in the section (the amendment text as shown is a punctuation mark '.').

Amends 29 U.S.C. 1110(a) by making the existing opening text into paragraph (1) and adding new paragraphs (2) and (3). Paragraph (2) prohibits indemnification, directly or indirectly, or other relief from liability for any responsibility, obligation, or duty under this part for any person or entity deemed to be a fiduciary under new section 3(21)(C). Paragraph (3) makes any contract provision that violates paragraph (2) void as against public policy.