,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #ajjci  ,,in ,,the ,,house ,,of 
,,representatives  ,august #c1 #bjbf    
,ms4 ,tenney introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to exempt individual    
account plans from certain prohibited   
transaction rules4  #a4 ,short title    
,this ,act may be cited as the          
,simplifying ,modern ,access to         
,retirement ,tools for ,savings ,act of 
#bjbf or the ,,smart ,savings ,act of   
#bjbf4  #b4 ,exemption from prohibited  
transaction rules  7a7 ,in general      
,paragraph 7#a7 of section #dige7;e7 of 
the ,internal ,revenue ,code of #aihf is
 amended to read as follows3  7#a7 ,plan
 ,for purposes of this section1 the term
 plan means a trust described in section
 #dja7;a7 which forms a part of a plan1 
or a plan described in section #djc7;a71
 which trust or plan is exempt from tax 
under section #eja7;a74  4  7b7         

,conforming amendments  7#a7 ,section   
#dige7;c7 of the ,internal ,revenue     
,code of #aihf is amended--  7,a7 by    
striking paragraphs 7#c71 7#d71 7#e71   
and 7#f71 and  7,b7 by redesignating    
paragraph 7#g7 as paragraph 7#c74  7#b7 
,section #dige7;f77#h77;,e7 of such     
,code is amended by striking clause 7ii7
 and by redesignating clause 7iii7 as   
clause 7ii74  7c7 ,preservation of      
self-,dealing prohibitions ,section     
#djh7;e77#b77;,a7 of the ,internal      
,revenue ,code of #aihf is amended to   
read as follows3  7,a7 ,in general  7i7 
,self-dealing ,if1 during any taxable   
year of the individual for whose benefit
 any individual retirement account is   
established1 that individual or the     
individual's beneficiary deals with the 
income or assets of a plan in the       
individual's own interest or for the    
individual's own account or receives    
consideration for the individual's own  
personal account from any party dealing 
with the plan in connection with a      

transaction involving the income or     
assets of the plan1 other than the      
receipt of any relationship benefits1   
such account ceases to be an individual 
retirement account as of the first day  
of such taxable year4 ,for purposes of  
this paragraph-- 7,i7 the individual for
 whose benefit any account was          
established is treated as the creator of
 such account1  7,,ii7 the separate     
account for any individual within an    
individual retirement account maintained
 by an employer or association of       
employees is treated as a separate      
individual retirement account1 and      
7,,iii7 each individual retirement plan 
of the individual shall be treated as a 
separate contract4  7ii7 ,relationship  
benefits ,for purposes of clause 7i71   
the term relationship benefits means    
reduced cost or no-cost products or     
services or enhanced or improved        
products or services or other benefits  
received by a person pursuant to an     
arrangement in which the account value  

of1 or the fees incurred for services   
provided to1 an individual retirement   
account are taken into account for      
purposes of determining eligibility to  
receive such benefit4  4  7d7 ,effective
 date ,the amendments made by this      
section shall apply to transactions     
occurring after the date of the         
enactment of this ,act4