To amend the Internal Revenue Code of 1986 to allow certain individuals who have attained age 50 and who are unemployed to receive distributions from qualified retirement plans without incurring a 10 percent additional tax.

Amends the Internal Revenue Code to make the 10% additional tax on early distributions from qualified retirement plans inapplicable to individuals who have attained the age of 50 and who have been receiving unemployment compensation for 12 consecutive weeks.