Does the 10% Penalty Apply

Profit Sharing Plan is terminating. Does the 10% penalty apply to any Participant under the age of 55?

Thank you for your help.

Not the ones who roll over their balances.

But the exception is for termination of employment, not termination of the plan.

72(t)(2)(A):

(v) made to an employee after separation from service after attainment of age 55,