401(k)

Team Member Website

Old National’s Employee Stock Ownership and Savings Plan enables you to set aside funds for retirement. These funds may be contributed to the Plan on a pre-tax (traditional deferral) or post-tax (Roth deferral) basis. The Company will contribute or “match" dollar for dollar (100%) of the first 5% contributed into the Plan. You are immediately and always 100% vested in your plan contributions – that is, you own the money you have set aside.

New Hire Auto Enrollment

We hope you take full advantage of what the Old National Bancorp Employee Stock Ownership and Savings Plan (401(k)) has to offer. As a new hire, you are eligible to participate beginning the first of the month following one month of employment. New hires are automatically enrolled in the Old National Bancorp Employee Stock Ownership and Savings Plan (401(k)) unless you change your enrollment through the online enrollment process at myonbretirement.com or by calling Empower at 844-465-4455. The automatic deferral is 5% and will be invested into the appropriate Principal LifeTime Hybrid target date investment option. This will occur unless you change or decline participation in the 401(k) Plan.

Employee Stock Ownership & Savings Plan

Participating in the Old National Bancorp Employee Stock Ownership and Savings Plan (401(k)) is easy. You contribute a portion of your pay to your Plan account each payday through convenient payroll deduction. You may opt to have your deductions taken on a pre-tax basis, which is a traditional plan. Or, you may choose to have your deductions taken on a post-tax basis, which is called a Roth deferral. There are pros and cons to each type of deferrals and what is right for one team member may not be right for another. Participants are encouraged to seek advice from their tax advisor.

Contributions are then invested in the Plan’s investment options you select. Logon to Empower for a complete list of fund options, to enroll in the plan or make deduction changes. Changes made by Sunday 3:00 PM (CST) of the week of the pay date, will be reflected on your next pay check. 

Old National may also make contributions to your 401(k) Plan. These contributions include matching contributions and may also include discretionary contributions. Matching and discretionary contributions will be made in cash and will be allocated to the account the plan holds for your benefit based on your current investment direction. All ONB stock balances are diversifiable at the will of the team member, regardless of age or length of service. The Plan provides for a safe harbor employer matching contribution of 100% of your Before Tax and/or Roth contributions up to a maximum of 5%. After Tax contributions are not matched by the plan.

There are tax implications for both traditional and Roth deferrals. For your qualifying traditional contributions, employer contributions and all earnings on your account are not subject to current federal income tax (or, where applicable, state or local taxes) until you take them out of the Plan. Distributions from Roth 401(k)s, including contributions and earnings, will be tax-free if participants are at least age 59½ and have maintained the Roth elective deferral account for at least five years. Participants are encouraged to consult with their tax advisor.

401(K) Savings/ESOP Account Access

You can access your plan information by phone by calling 1-844-465-4455 or by visiting the web site, myonbretirement.com.

Joining the ESOP is One of the Most Important Decisions You Will Make

We hope you take full advantage of what the Old National Bancorp Employee Stock Ownership and Savings Plan (401(k)) has to offer. As a new hire, you are automatically enrolled in the Old National Bancorp Employee Stock Ownership and Savings Plan (401(k)) unless you change your enrollment through the online enrollment process at myonbretirement.com. The automatic deferral is 5% and will be invested into the appropriate Investors LifeTime Fund. This will occur unless you change or decline participation in the 401(k) Plan.