When it comes to retirement plans, what is true of IRC Section 72 (t) for tax-advantaged personal retirement plans?

Question

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The IRC Section 72 (t) for tax-advantaged personal retirement plans allow owners to remove funds at any time without a triggering event for withdrawal, but there is a 10 percent penalty. The 10 percent penalty is excluded for: on or after participant is 59 ½ years old, a payment to an alternate payee pursuant to a qualified domestic relations order, corrective distributions, distributions made to a beneficiary on or after the death of the participant, distributions made to an employee after separation from service after the age of 55, and distributions made on account of an IRS levy.

When It Comes to Retirement Plans, What Is True of IRC