The purpose of this legislation, known as the SMART Savings Act of 2026, is to simplify and modernize access to retirement savings tools by exempting certain individual account plans from specific rules that currently restrict transactions. This aims to make it easier for individuals to manage their retirement savings without running into regulatory hurdles. The key provisions of the act include changes to the Internal Revenue Code that redefine what constitutes a "plan" for tax purposes, specifically allowing individual account plans to operate with fewer restrictions.