Bill · S. 5204· Senate(119-S-5204)
SMART Savings Act of 2026
- Introduced
- 7/30/2026
- Last activity
- 7/30/2026 — Read twice and referred to the Committee on Finance. (text: CR S4390)
- Sponsored by
- John Barrasso
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "SMART Savings Act of 2026," aims to amend the Internal Revenue Code of 1986. The primary purpose is to exempt individual account plans from certain prohibited transaction rules. It modifies the definition of a "plan" within section 4975(e). The act also includes conforming amendments to various sections of the code. Additionally, it updates the language regarding self-dealing prohibitions in section 408(e)(2)(A). These changes apply to transactions occurring after the act is enacted.
Yes
Would people over 65 be better off under this?+5
The bill facilitates more flexible access to individual account plans and retirement tools.
Would retired people be better off under this?+5
The bill simplifies rules surrounding individual retirement account plans.
Would middle-income households be better off under this?+3
The bill may expand retirement savings options for middle-income individuals through modernized rules.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
- Exemption from Prohibited Transaction Rules: The bill seeks to exempt individual account plans from specific prohibited transaction rules by amending section 4975(e) (Section 2(a)).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly detailed within the provided text.
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+5Good For Seniors+5Good For Middle Class Households+3
- 8/6/2026
- 1 Cosponsor added.
- 7/30/2026
- Read twice and referred to the Committee on Finance. (text: CR S4390)
- 1 Cosponsor added.
- Introduced in Senate
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.
Marsha BlackburnRepublican · Tennessee
Steve DainesRepublican · Montana