Bill · H.R. 10039· House(119-HR-10039)
SMART Savings Act of 2026
- Introduced
- 8/3/2026
- Last activity
- 8/3/2026 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Claudia Tenney
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill is titled the "Simplifying Modern Access to Retirement Tools for Savings Act of 2026" or the "SMART Savings Act of 2026." It aims to amend the Internal Revenue Code of 1986. The primary purpose is to exempt individual account plans from certain prohibited transaction rules. The legislation includes amendments to specific sections of the Internal Revenue Code, such as section 4975 and section 408. These changes are set to apply to transactions occurring after the act is enacted.
Yes· 3 of 4
Would people over 65 be better off under this?+4
The bill helps individuals access relationship benefits tied to their retirement accounts.
Would retired people be better off under this?+4
The bill facilitates access to relationship benefits for retirement account holders.
Would middle-income households be better off under this?+3
The bill provides enhanced products or services based on account value or fees.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Exemption from transaction restrictions: By amending paragraph (1) of section 4975(e), the bill changes the definition of a 'plan' to exempt certain individual account plans from specific prohibited transaction rules (Section 2(a)).
-
Access to relationship benefits: The bill updates the definition of "relationship benefits" to include reduced cost, no-cost, or enhanced products and services that a person might receive based on the value of their account or the fees they pay (Section 2(c)(i)(ii)).
Potential Negative Impacts for People
- Loss of individual retirement account status: If an individual or their beneficiary deals with the income or assets of a plan for their own interest or receives consideration for their own account from a party dealing with the plan, the account ceases to be an individual retirement account as of the first day of that taxable year (Section 2(c)(i)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Retirees+4Good For Seniors+4Good For Middle Class Households+3
- Economy And Finance
- Improves Consumer Protection+3
- 8/3/2026
- Referred to the House Committee on Ways and Means.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.