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 ten percent 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.