Requires Treasury to regularly review contract and performance of pharmacy benefits manager for SHBP and SEHBP.

This bill requires New Jersey's Department of the Treasury to conduct a formal review of pharmacy benefits managers (PBMs) for the State Health Benefits Program (SHBP) and School Employees' Health Benefits Program (SEHBP) every five years. The reviews must assess whether PBM contracts are cost-effective, meet operational and financial goals, and generate net savings for the state and participating local governments. After each review, the Treasury must publish a public report online within 30 days, detailing findings on costs, savings, and performance. The bill directly affects state and school employees covered by these health programs through their prescription drug coverage and costs.