H.R. 10039: Simplifying Modern Access to Retirement Tools for Savings Act of 2026

This bill would change certain tax rules that apply to retirement accounts and employer retirement plans, with the goal of making it easier for these plans to use more modern financial products and services.

What it changes

The bill revises part of the Internal Revenue Code that governs prohibited transactions involving retirement plans and individual retirement accounts (IRAs). In plain terms, prohibited transaction rules are meant to stop people from using retirement savings in ways that benefit themselves unfairly or create conflicts of interest.

Specifically, the bill would:

• Update the definition of a “plan” for these rules.
• Remove several existing subsections from the prohibited transaction provision and reorganize the remaining text.
• Keep the rule that prevents self-dealing in IRAs, meaning account holders still could not use retirement assets for their own personal benefit in prohibited ways.

What stays in place

The bill says it is not eliminating self-dealing restrictions. It keeps a rule that if an IRA owner or their beneficiary uses the account’s income or assets in their own interest, or receives improper personal benefits from a transaction involving the account, the account can lose its IRA status for tax purposes.

The bill also defines “relationship benefits” as reduced-cost, no-cost, or improved products or services, or other benefits tied to how much money is in the account or what fees the account generates. Those benefits are referenced in the self-dealing rule.

When it would apply

The changes would apply only to transactions that happen after the bill becomes law. It would not change the tax treatment of transactions that occurred before enactment.

Practical effect

In practical terms, the bill appears aimed at loosening some of the tax-law barriers around retirement accounts so that account providers and plans may be able to offer or use certain products, services, or arrangements more easily, while still preserving the core prohibition against using retirement assets for personal gain in disallowed ways.

Relevant Companies

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