1. Study on fiduciary duties of pharmacy benefit managers (a) In general Not later than 2 years after the date of enactment of this Act, the Secretary of Labor shall conduct, and submit to Congress a report describing the results of, a study on the impacts of a change in policy described in subsection (b). (b) Policy described Under a policy referred to in subsection (a)— (1) an entity providing pharmacy benefit management services would be considered a fiduciary within the meaning of section 3(21) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(21) ) with respect to a group health plan or group health insurance coverage; (2) such an entity would— (A) be subject to the responsibilities, obligations, and duties imposed on fiduciaries under part 4 of subtitle B of title I of such Act ( 29 U.S.C. 1101 et seq. ); and (B) make the required fiduciary disclosure under section 408(b)(2)(B)(iii) of such Act ( 29 U.S.C. 1108(b)(2)(B)(iii) ) with respect to the pharmacy benefit management services provided to the plan or coverage; (3) nothing would be construed to prohibit entities providing pharmacy benefits management services from retaining bona fide service fees in accordance with the requirements of section 408(b)(2) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1108(b)(2) ); and (4) bona fide service fees would be per se unreasonable for purposes of this section and such section if such fees are— (A) based on drug price (such as wholesale acquisition cost) or drug benchmark price (such as average wholesale price); (B) discounts, rebates, fees, or other remuneration with respect to prescription drugs prescribed to participants or beneficiaries in the plan or coverage