The "SMART Savings Act of 2026" aims to streamline regulations for individual retirement accounts by amending the Internal Revenue Code. Its primary purpose is to exempt individual account plans , such as IRAs, from the broad prohibited transaction rules outlined in Section 4975. This is achieved by redefining the term "plan" within that section to specifically exclude these individual accounts, thereby reducing regulatory burdens on them. While removing individual accounts from the general prohibited transaction framework, the bill simultaneously reinforces specific self-dealing prohibitions directly applicable to individual retirement accounts under Section 408(e)(2)(A). This amendment clarifies that if an individual or beneficiary deals with IRA assets for personal gain, the account loses its tax-exempt status. It also introduces a definition for "relationship benefits," allowing for reduced-cost products or services tied to an IRA's value or fees, which are not considered prohibited self-dealing, with these changes applying to transactions occurring after the bill's enactment.