Nationwide Mutual Insurance 401(k) match, vesting and fees

Vesting is based upon years of continuous service. A participant is vested immediately in their own contributions and any related investment earnings. A participant vests in the Plan Sponsor’s matching contributions and related investment earnings ratably over five years of vesting service. A participant is 100% vested after 60 months of vesting service.

Associates who have not enrolled after 60 days from their date of hire are automatically enrolled in the target date fund closest to their 65th birthday, until they make an investment election or decline participation.

Participants may borrow from their accounts up to the lesser of $50,000 (less the highest balance of all outstanding loans from the Plan during the past twelve months in excess of the outstanding balance of loans from the Plan on the date on which the loan is made) or 50% of their vested account balance (less the outstanding balance of any other loans made under the Plan). Loan terms range from 1 – 5 years for general loans or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account. Loans bear interest at the prime interest rate plus 1%. Principal and interest are paid ratably through payroll deductions. Loans to participants are treated as notes receivable and are carried at the unpaid principal balance and accrued interest as repayments of principal and interest are received through payroll deduction and the notes are collateralized by the participants' account balances. Notes receivable from participants in default are treated as deemed distributions. Participant loans in default were $3.0 million and $2.7 million as of December 31, 2024 and 2023, respectively.