Hidden Fee Disclosure Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require more detailed fee and compensation disclosures from service providers to employer-sponsored health plans, including pharmacy benefit managers and third-party administrators. Sec. 2, Clarification of fee disclosure requirements: Expands the definition of services subject to disclosure to include all services, not just brokerage or consulting, and requires compensation to be disclosed by each specific service rather than in aggregate. Sec. 3, Strengthening disclosure for pharmacy benefit managers and third-party administrators: Treats contracts between a health plan and a health insurer that hires a pharmacy benefit manager as an indirect arrangement with the manager. Requires initial and annual disclosure of all compensation from drug manufacturers and other third parties, including rebates, discounts, copayment offsets, and clawbacks from pharmacies. For third-party administrators, requires disclosure of rebates, fees from providers, and recoveries from overpayments or fraud. Defines 'pharmacy benefit management services' and 'third party administration services for group health plans' broadly. Sec. 4, Implementation: Directs the Secretary of Labor to issue rules within one year to implement the bill, accounting for varied compensation practices and setting standards for expected compensation disclosures.