Exempts individual account plans from certain prohibited transaction rules under the Internal Revenue Code.

The bill amends the Internal Revenue Code of 1986 to exempt individual account plans from specific prohibited transaction rules. It modifies the definition of "plan" to exclude certain individual retirement accounts from tax under section 501(a). The bill also removes paragraphs and redesignates clauses within section 4975(c) and 4975(f)(8)(E) of the Internal Revenue Code. The changes apply to transactions occurring after the enactment of this Act.

Exempts individual account plans from certain prohibited transaction rules under the Internal Revenue Code.

The bill amends the Internal Revenue Code of 1986 to exempt individual account plans from specific prohibited transaction rules. It modifies the definition of "plan" to exclude certain individual retirement accounts from tax under section 501(a). The bill also removes paragraphs and redesignates clauses within section 4975(c) and 4975(f)(8)(E) of the Internal Revenue Code. The changes apply to transactions occurring after the enactment of this Act.