This bill mandates the Department of the Treasury to conduct regular reviews of the contract and performance of the pharmacy benefits manager for both the State Health Benefits Program (SHBP) and the School Employees Health Benefits Program (SEHBP). Starting from the calendar year of the bill's effective date and every five years thereafter, the Division of Pensions and Benefits will perform a formal review. The review will assess the cost-effectiveness and benefits of the contract, the pharmacy benefits manager's operational and financial objectives, and the annual net savings generated from the contract.

After completing the review, the Division is required to publish a report detailing the findings, which will include the parameters of the review, factors considered, and the cost impact on the State and participating local government units. This report will be made available online on the Division's website and accessible to the public 30 days after the review concludes.