Company suspends 401k match?

[Rolling_trip]

Sherwin Williams is a huge company(60k+ employees), I hope that this isn't a sign of the future. What would you do if you worked for them and nowhere near retirement? They did this in 2020 temporarily due to Covid, now this due to "Tariffs", starting Oct 1th with no announcement of coming back.

Sherwin-Williams suspends 401(k)-matching amid weak sales

Sherwin-Williams will suspend matching contributions to employee 401(k) plans starting October, citing weak demand, inflation, and global trade pressures.

www.cleveland.com

 

[TheGman]

stupidity I say

Want to lose GOOD employees start cutting benefits

 

[Cadcom]

It's always been at the companies discretion where I have worked. Unless 401k contributions are part of your agreed upon compensation package I guess you just suck it up and ride it out. Or you could increase your own contribution or find another place to work that still offers it - a lot of places don't.

 

[basstracker89]

Sign of the times. Been goin on a long time. Wife's company stopped the pension a long time ago. Even government jobs have been moving away from it. Best anyone can do is be self employed. At the end of the day no one else is looking out for you

 

[Cadcom]

stupidity I say

Want to lose GOOD employees start cutting benefits

The alternative is to cut employees. I'm sure that was discussed as an option by managment as well.

 

[basstracker89]

It's always been at the companies discretion where I have worked. Unless 401k contributions are part of your agreed upon compensation package I guess you just suck it up and ride it out. Or you could increase your own contribution or find another place to work that still offers it - a lot of places don't.

Even if they do today, they may not tomorrow. In Georgia, workers have no rights

 

[Cadcom]

Even if they do today, they may not tomorrow. In Georgia, workers have no rights

Make your self invaluable is the only way to hang in there long term.

 

[TheGman]

The alternative is to cut employees. I'm sure that was discussed as an option by managment as well.

I have always looked at those times as an opportunity to make those people who are "fat" or dead weight available to the market.

In other words cut people who do not earn their keep , if you have them.

 

[Pro Carry 2]

📍 Atlanta, GA Facility-Geiger Fulton ind blvd -we have match and need good people Web Producer - can also be based in New York City Director of Product Operations Multi-Craft Maintenance Machine Operator (Multiple Openings) Furniture Builder - Casework & Assembly Color Finish Technician Shader Sprayer

 

[kodis556]

The match is usually always at the Company's discretion. Weak sales I buy...I call BS on the tariff excuse.