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Congressional Daily Record
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July 30, 2026
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Download official Senate Record PDFReturn to issue contextBy Mr. BARRASSO (for himself and Mrs. Blackburn):
S. 5204. A bill to amend the Internal Revenue Code of 1986 to exempt individual account plans from certain prohibited transaction rules; to the Committee on Finance.
Mr. BARRASSO. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.
S. 5204
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Simplifying Modern Access to
Retirement Tools for Savings Act of 2026” or the “SMART
Savings Act of 2026”.
SEC. 2. EXEMPTION FROM PROHIBITED TRANSACTION RULES.
(a) In General.—Paragraph (1) of section 4975(e) of the
Internal Revenue Code of 1986 is amended to read as follows:
“(1) Plan.—For purposes of this section, the term `plan'
means a trust described in section 401(a) which forms a part
of a plan, or a plan described in section 403(a), which trust
or plan is exempt from tax under section 501(a).”.
(b) Conforming Amendments.—
(1) Section 4975(c) of the Internal Revenue Code of 1986 is
amended—
(A) by striking paragraphs (3), (4), (5), and (6), and
(B) by redesignating paragraph (7) as paragraph (3).
(2) Section 4975(f)(8)(E) of such Code is amended by
striking clause (ii) and by redesignating clause (iii) as
clause (ii).
(c) Preservation of Self-dealing Prohibitions.—Section
408(e)(2)(A) of the Internal Revenue Code of 1986 is amended
to read as follows:
“(A) In general.—
“(i) Self-dealing.—If, during any taxable year of the
individual for whose benefit any individual retirement
account is established, that individual or the individual's
beneficiary deals with the income or assets of a plan in the
individual's own interest or for the individual's own account
or receives consideration for the individual's own personal
account from any party dealing with the plan in connection
with a transaction involving the income or assets of the
plan, other than the receipt of any relationship benefits,
such account ceases to be an individual retirement account as
of the first day of such taxable year. For purposes of this
paragraph—
“(I) the individual for whose benefit any account was
established is treated as the creator of such account,
“(II) the separate account for any individual within an
individual retirement account maintained by an employer or
association of employees is treated as a separate individual
retirement account, and
“(III) each individual retirement plan of the individual
shall be treated as a separate contract.
“(ii) Relationship benefits.—For purposes of clause (i),
the term `relationship benefits' means reduced cost or no-
cost products or services or enhanced or improved products or
services or other benefits received by a person pursuant to
an arrangement in which the account value of, or the fees
incurred for services provided to, an individual retirement
account are taken into account for purposes of determining
eligibility to receive such benefit.”.
(d) Effective Date.—The amendments made by this section
shall apply to transactions occurring after the date of the
enactment of this Act.