Qualified Birth or Adoption Distributions
The 2020 SECURE Act permits a parent to withdrawal up to $5,000 (for qualified expenses) from their IRA or defined contribution plan penalty free within one year (12 months) of birth or adoption of a child. If you are younger than age 59½, the 10% early withdrawal penalty does not apply.
Since the withdrawal is from a tax deferred account, taxes on the withdrawal amount will be assessed.
It is uncertain if the SECURE Act requires all employers to provide this new option. Please consult with your current employer to determine if your defined contribution plan offers this provision.