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.

This bill would allow individuals aged 50 and older who have been unemployed for at least 12 consecutive weeks to withdraw funds from their qualified retirement accounts without paying the standard 10 percent early withdrawal penalty. Under current tax law, most people who withdraw money from accounts like a 401(k) or IRA before age 59½ are subject to this additional tax. By removing this financial barrier, the legislation aims to provide older workers facing long-term unemployment with easier access to their own savings to cover living expenses during a job loss.