S. 5204 — SMART Savings Act of 2026

This section exempts individual retirement accounts from the prohibited transaction excise taxes under section 4975 of the Internal Revenue Code. It preserves the self-dealing prohibition in section 408(e)(2) for such accounts but allows relationship benefits, defined as reduced-cost, no-cost, or enhanced products or services based on account value or fees. The changes apply to transactions occurring after the date of enactment.