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Employee Benefit Plans
9 Months Ended
Sep. 30, 2018
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

NOTE 18 – EMPLOYEE BENEFIT PLANS

Retirement Plan

Old National had a funded noncontributory defined benefit plan (the “Retirement Plan”) that had been frozen since December 31, 2005.  During the first quarter of 2016, we notified plan participants of our intent to terminate the Retirement Plan effective May 15, 2016.  During October 2016, the Retirement Plan settled plan liabilities through either lump sum distributions to plan participants or annuity contracts purchased from a third-party insurance company that provided for the payment of vested benefits to those participants that did not elect the lump sum option.  At September 30, 2018, there were no remaining plan assets.

Employee Stock Ownership Plan

The Employee Stock Ownership and Savings Plan (the “401(k) Plan”) permits employees to participate the first month following one month of service.  During the second quarter of 2018, Old National increased its match to 75% of employee compensation deferral contributions of the first 4% of compensation, and 50% of the next 4% of compensation.  The change was retroactive for all of 2018.  For 2017, we matched 50% of employee compensation deferral contributions, up to 6% of compensation.  Contribution expense under the 401(k) Plan was $1.9 million in the three months ended September 30, 2018 and $6.5 million in the nine months ended September 30, 2018, compared to $1.1 million in the three months ended September 30, 2017 and $3.5 million in the nine months ended September 30, 2017.