The main purpose of the SMART Savings Act of 2026 is to simplify the rules surrounding individual retirement accounts (IRAs) and certain retirement plans by exempting them from specific prohibited transaction rules. This aims to make it easier for individuals to manage their retirement savings and access various financial tools without facing unnecessary restrictions. Key provisions of the Act include changes to the Internal Revenue Code that redefine what constitutes a retirement plan and remove certain prohibitions that previously applied to individual account plans.