Scherwin - Williams cutting matching 401k contributions

[Raven123]

Sherwin-Williams is cutting its matching contribution to employee retirement accounts as profits continue to decline for the paint company.

In an email sent Wednesday to employees, CEO Heidi Petz said the company was temporarily suspending the six percent match to workers’ 401k plans.

Petz cited housing affordability, inflation and global tariffs for the company's profit slump. She said she expects those economic headwinds to continue into 2026.

This is not the first time Sherwin-Williams has paused its retirement match, having done so during the 2009 financial crisis and the COVID-19 pandemic.

This comes just months after the company, headquartered in Cleveland, also announced a return to office mandate for hybrid employees beginning Jan. 1, 2026.

Days ago, the company received their initial occupancy permit from the city for their new 36-story, 1 million square-foot office tower built in Downtown Cleveland. 3,000 employees are expected to work at the $750 million building by next year.

https://www.wyso.org/2025-09-04/sherwin-williams-halts-contribution-match-to-employees-retirement-accounts-as-sales-decline

[bucolic_frolic]

1. Employee fortunes rise and fall with their employers

I recall fearful times in my household growing up as dad's employer rode recession and skirted bankruptcy and takeover. Only when times improved did benefits improve. And those were defined benefits, which don't exist today.

[JT45242]

2. When venture (aka vulture) capitalists bought the company that I work for they dropped from 6 % to minimum 3%

Over the dozen years that I have worked for this company the percentage that they put into retirement has steadily dropped.

It used to be that they put in a percentage plus matching. Then the extra percentage went away. Now the matching has dropped from matching up to 6% to the legal minimum of a 401k of 3%.

I would not be surprised if they defund the 401k and no longer contribute at all.

[MaineBlueBear]

3. Of course they needed to 86 the 401k

750 million dollar buildings don't pay for themselves.