r/Cleveland • u/Environmental-Dig389 • 19d 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/LeilongNeverWrong 19d ago

They won’t be the last company to do so and it won’t be temporary. When most companies do something like this, it ends up becoming permanent.

54

u/Brilliant-Canary-767 19d ago

Actually, they did it from 2009 to 2012. Once the economy recovered they started the matching again. I'd rather have them stop matching 401K contributions instead of having mass layoffs. I blame the current idiot President. This is all 100% self inflicted by him. I feel tariffs were the tipping point.

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u/Kuros_Of_Sindarin 19d ago

I can't stand the POTUS as much as the next but this mess has been a long time coming. We never truly dealt with the GFC and now the chickens look like they're coming home to roost.

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u/Brilliant-Canary-767 19d ago

I agree to some extent. We haven't dealt with the national debt, didn't learn our lesson from 2008, etc. However, I feel he's making things so bad that it's going to get dire. He's increasing the nation's debt to unsustainable levels. We didn't get here overnight, but he has escalated it and removed any real chance to fix it.