To temporarily permit penalty-free withdrawals from individual retirement plans and section 401(k) plans.

[AI summary unavailable — showing source text] Allows penalty-free distributions from an individual retirement account, an individual retirement annuity, or a qualified cash or deferred arrangement for the one-year period beginning after the date of enactment of this Act. Excludes from gross income ten percent of the portion of such distribution which would have been includible but for enactment of this Act.…