Old National Bancorp 401(k) Review & Grade
The Old National Bancorp Employee Stock Ownership and Savings Plan
Evansville, INManagement of Companies3,965 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,943Employer $ per active participant
$8,371Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$733.1MNet plan assets, end of year
$139,215Average balance per account
Score breakdown
- Employer generosity36.4 / 5073th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving10.9 / 1573th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score74 / 100 · Grade B
This plan vs. peers
Peers: Management of Companies plans with 2,500–9,999 active participants (60 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 89th |
| Employee saving | 73th |
| Peers that auto-enroll | 58% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,065 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Old National Bancorp put in about $4,943 per active participant, more than the typical peer ($3,455). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $19,598,006 |
| Participant (employee) contributions | $33,189,483 |
| Other contributions (incl. rollovers in) | $6,403,123 |
| Administrative expenses paid from the plan | $220,656 |
| Investment advisory & management fees | $76,341 |
| Benefits paid out | $76,889,165 |
| Net assets, start / end of year | $650.6M / $733.1M |
| Active participants, start / end of year | 3,924 / 4,006 |
| Participants with account balances | 5,266 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Harding, Shymanski & Company P.S.C |
| Employer stock held by plan | $18,779,450 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $144,315 reported compensation |
| Empower Advisory Group, LLC | $76,341 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009074237NAL0015457026001, received 2025-10-09, EIN 35-1539838, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.