To provide that the 10-percent additional tax on early distributions from qualified retirement plans shall not apply to distributions from certain plans.

Declares that the ten-percent additional tax on early distributions from qualified retirement plans does not apply to any distribution from a defined contribution plan which was the subject of a multiemployer collective bargaining agreement which was originally effective on December 1, 1967, and with respect to which favorable determination letters were issued by the Internal Revenue Service on August 21, 1986, and February 19, 1980.