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We have all been there. Whether it involves a birthday or a business meeting, everyone knows the feeling of scrambling to remember an important date. In the world of benefit plan notices, dates matter too. The small date imprinted in black ink on the corner of an envelope may dictate whether a tax return, important filing, or required notice is timely or late. If your organization mails anything related to employee benefits, this quiet but consequential rule change deserves your attention.

On May 19, 2026, the Securities and Exchange Commission (SEC) proposed rule amendments that would significantly simplify executive compensation disclosure requirements for many public companies. The proposed rules would split public companies into large accelerated filers and non-accelerated filers. Non-accelerated filers would be subject to scaled executive compensation disclosure rules, similar to those presently applicable to emerging growth companies (EGCs), and they would not be required to conduct Say-on-Pay and related advisory votes. The SEC estimates that approximately 81% of public companies would be non-accelerated filers subject to these scaled disclosure rules. The remaining public companies would be large accelerated filers, representing the majority (about 93.5%) of public float, and they would remain subject to substantially the same executive compensation disclosure rules that currently apply to large accelerated filers.

On January 22, the U.S. House of Representatives passed on a bipartisan basis HR 7148, the Consolidated Appropriations Act, 2026 (HR 7148). If it also wins passage in the Senate, the bill would, among other Trump administration priorities, impose new rules and requirements for pharmacy benefit managers (PBMs) and pharmacy benefit administration more generally. As with prior federal legislative proposals, HR 7148 attempts to bring more transparency to the administration of pharmacy benefits for both fully insured and self-funded groups and would impose enhanced transparency requirements for PBMs contracting with Medicare Part D prescription drug plans PDP sponsors. Specifically, among other requirements, HR 7148 proposes the following new rules and regulations impacting PBM arrangements: