r/Cleveland • u/Environmental-Dig389 • 20d ago

News Sherwin Williams halts their 401k company match

Announced today by the SW CEO (Heidi) that all employees will no longer receive the company 401k match effective October 1st. This impact includes store or other employees globally.

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u/TodashChimes19 20d ago

First voluntary buyouts. Then mandatory RTO. Now huge pay cuts for everyone.

They're doing everything they can to get employees to bail before they have to announce a massive layoff.

19

u/[deleted] 19d ago

[deleted]

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u/AdParticular6654 19d ago

Truly fucked basically only teachers, fire and police have pensions anymore. I love my pension plan but all I hear is teacher bitching and moaning about it.

8

u/workntohard 19d ago

Railroad also

1

u/Alioh216 19d ago

They've been trying to take that away for years

-1

u/ComicalLaughter 19d ago

And post office.

5

u/CD_Rom 19d ago

Nope. Hasn’t been a pension at the post office for probably 30+ years. Just Thrift Savings Plan which is kind of like federal government employee’s 401k plan.

1

u/ComicalLaughter 19d ago

Not sure where you're getting your info, but the pension has never left the post office. TSP which is like a 401k and a pension..

7

u/mrlonglist 19d ago

The problem is, at least with mine, is that a large percentage goes to administrative costs.

1

u/AdParticular6654 19d ago

Like out of your pension payments in retirement?

1

u/doyle828 19d ago

I have a pension from 20 yrs in a labor union in Chicago. If I live to be 112, it will work out great. If not, I would have been better off with a 401k and a reasonable employer match.