Age 55 72t exception to 10% early distribution penalty

[Tom]

Looking for a interpretation of the below from the 1099-r instructions.

If someone separated from service earlier in 2024 and takes a distribution now but are only age 54.  Are they exempt from the 10% early distribution penalty because they will turn 55 later in 2024?

Thank you, Tom

[Belgarath]

Yes.