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In the section of this website entitled Early Retirement Distribution Options (http://www.401khelpcenter.com/401k_education/Early_Dist_Options.html) the following condition is clearly cited as one of the necessary conditions for not being subject to the 10% early withdrawal penalty in the Leaving Your Job On or after Age 55 scenario:

"Second, you can only take money from the 401k plan of your last employer. That means if you left money in the plan of a former employer, you'll have to wait until age 59½ to start taking withdrawals without penalty. Better yet, get any old 401k's rolled into your current 401k before you retire so that you will have access to these funds penalty free."

I can find no mention of this restriction in tax code. I have consulted with other 401k "experts", and to date they are equally unaware of any such "ONLY the last employer" condition for this 10% penalty exception. Where does this come from? Is it real? Where can I find tax code documentation to support this? This is very important to me because I left my employer of 21 years at age 56. I left my 401K money in their plan, where it still resides. However , I subsequently worked for another employer for 15 months before they went bankrupt, although I never qualified for and therefore never contributed to a 401K plan with them. I am now 57 1/2. I am trying to determine if I am still eligible to make a penalty free withdrawal from the 401K plan of my first employer?