The Sherwin Williams 401k is The Sherwin-Williams Company 401(k) Plan (plan 001). It auto-enrolls hires at 3%, matches 100% of the first 6% of eligible contributions after one year, vests company money at three years, and held $10.36 billion at year-end 2025, 46.6% in Sherwin-Williams stock. The match paused October 2025 and returned February 1, 2026.
Which Sherwin-Williams plan holds your money: 401(k), Hourly 401(k) or the Revised Pension Investment Plan?
Most U.S. non-union employees are covered by two plans, not one. Filings for 2024 count 47,319 active participants in the 401(k) Plan, funded by deferrals and the match, and 47,415 in the Salaried Employees’ Revised Pension Investment Plan, a money purchase account funded only by the company at 2% to 7% of pay. Another employer’s multi-plan setup is covered in which UPS 401(k) plan you are in.
| Item | 401(k) Plan (001) | Revised Pension Investment Plan (010) | Hourly 401(k) Plan (022) | Employees’ Pension Plan (045) |
|---|---|---|---|---|
| Covers | Salaried employees plus groups the Administration Committee extends it to; non-union; full or part time | U.S. non-bargaining employees, after six months of service | Certain collectively bargained employees | Bargaining unit employees; certain hires before 1984 |
| Who funds it | Employee and company | Company only | Employee; company only where a union contract says so | Company |
| Company formula | 100% of first 6% | 2% to 7% of pay by age plus service | Per union contract | Defined benefit |
| Vesting of company money | Three-year cliff; full if hired before 2017 | Three-year cliff | Immediate | Defined benefit rules |
| Sherwin-Williams stock | $5.70 billion | None since February 2022 | None | None reported |
| Participants, end of 2024 (with a balance) | 62,829 (61,101) | 52,893 (41,177) | 1,102 (1,054) | 1,385 (not applicable) |
| Net assets, December 31, 2024 | $10.56 billion | $1.72 billion | $58.3 million | $148.6 million |
| Company contributions, 2024 | $160.3 million | $103.2 million | $158,788 | $0 |
Q3 tabulation of the DOL Form 5500 and Schedule H datasets, plan year 2024 (sponsor EIN 34-0526850), and Note 1 of each plan’s audited statements: plan 001, plan 010, plan 022, plan 045. Master trust plan 029, which holds plan 045’s assets, is left out to avoid double counting.
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The name “Pension Investment Plan” misleads: plan 010 is an individual account. Its old defined benefit predecessor was terminated and liquidated during 2019, and plan 010’s statements record $242,301,533 of surplus moved in as a qualified replacement plan under IRC section 4980(d)(2)(A). That account paid the credit until it ran out in 2023, which is why Schedule H shows $0 of company contributions for 2021, $58.9 million for 2022 and $98.3 million for 2023: the funding source changed, not the formula.
The credit also kept running during the 2025 match pause: the fiscal 2025 Form 10-K pension note reports $105.2 million for 2025, against $103.5 million for 2024.
When do enrollment, the match and the 2% to 7% credit start for a new hire?
Automatic enrollment at 3% of pre-tax pay applies at hire, the age-and-service credit starts after six months of service, and the match starts the quarter after the first anniversary. Both kinds of company money then vest all at once at three years, so nothing is vested at two years and 11 months.
A hire who changes nothing rises 1 point each plan year until reaching 10%, with employee money going to an age-appropriate T. Rowe Price target date fund, under Note 1 of the 2025 Form 11-K. The escalator reaches the 6% needed for a full match only in the fourth calendar year of employment. Plan 001 reports automatic enrollment code 2S in the DOL code list, and 97.2% of its 62,829 counted participants had a balance in 2024. How matching formulas work in general is explained in the guide to how a 401(k) match works. Enrollment and match terms at another employer are reviewed in Target’s 401(k) match and enrollment rules.
| Age plus service | Plan 010 credit | Credit at $62,000 pay | Credit plus full 6% match at $62,000 pay |
|---|---|---|---|
| 18 to 34.9 | 2.0% | $1,240 | $4,960 |
| 35 to 44.9 | 2.5% | $1,550 | $5,270 |
| 45 to 54.9 | 3.0% | $1,860 | $5,580 |
| 55 to 64.9 | 3.5% | $2,170 | $5,890 |
| 65 to 74.9 | 4.0% | $2,480 | $6,200 |
| 75 to 84.9 | 5.0% | $3,100 | $6,820 |
| 85 to 94.9 | 6.0% | $3,720 | $7,440 |
| 95 or greater | 7.0% | $4,340 | $8,060 |
Tiers from Note 1 of plan 010’s 2024 statements; the 10-K confirms the 2% to 7% range for 2025. Dollar columns: Q3 calculation using 2026 IRS figures; hypothetical employee.
The two formulas reach 13% of pay at the top tier, counting pay only up to the 2026 limit of $360,000 under IRC section 401(a)(17), set in IRS Notice 2025-67.
Worked example (Q3 calculation using 2026 IRS figures; hypothetical employee). An employee hired March 10, 2026 at age 31 and $62,000 flat pay keeps the default rate: 3% in 2026, 4% in 2027, 5% in 2028, 6% in 2029. The plan 010 credit starts September 10, 2026; the match starts April 1, 2027. By March 9, 2029, the match totals $5,662 and the credit $3,463, so $9,124 of company money, before earnings, is unvested until March 10, 2029. Electing 6% from April 2027 raises the match to $7,216, a $1,554 difference. Assumptions: “quarter” means calendar quarter, the 6% applies to eligible pay, and tiers use age and service at the start of each year; the notes do not state the measuring date.
A three-year cliff is the longest cliff IRC section 411(a)(2)(B) permits for a defined contribution plan; statutory schedules are compared in the 401(k) vesting schedule rules. Form 5500 line 6h counted 2,418 people in plan 001 and 2,123 in plan 010 who left during 2024 less than fully vested, and forfeitures reduced company contributions by $5,177,071 and $3,066,635. Where such money can go is covered in the explainer on 401(k) forfeitures.
Is the Sherwin-Williams match back, and what happened to the paused months?
Yes. The match stopped October 1, 2025 and was reinstated February 1, 2026, according to Notes 1 and 7 of the 2025 Form 11-K. The company accrued a discretionary make-up contribution of about $36 million for the 2025 part of the pause and paid it to eligible participants on March 30, 2026.
Two details remain open. Note 7 does not define “eligible participants,” so the filing does not say whether someone who left between October and March received the money. And January 2026 falls outside the 2025 accrual, although Ideastream Public Media reported that the company email promised a make-up covering October through January; the 2026 Form 11-K may show how that month was handled.
The formula has moved before. Exhibit 13 to the fiscal 2011 Form 10-K says the match fell on July 1, 2009 to 100% of the first 3% plus 50% of the next 2%, then returned to 6% on July 1, 2011. That was a cut to a 4% maximum, not the zero that press accounts of a 2009 pause imply. Press accounts also list a 2020 pause, but the fiscal 2021 10-K’s ESOP note mentions none and shows matching expense rising to $120.0 million in 2020 from $111.9 million in 2019.
How much of the Sherwin-Williams 401(k) is in company stock, and why is that allowed above 10%?
Company stock was 46.6% of plan 001’s assets at December 31, 2025 ($4.82 billion of $10.36 billion), down from 61.7% at the end of 2021. ERISA’s 10% ceiling on employer securities does not reach it, because section 407(b)(1) exempts eligible individual account plans, which include savings, stock bonus and ESOP designs.
| Year end | Company stock | Share of plan assets | Shares held | Value per share | Stock gain or loss | Other funds gain or loss |
|---|---|---|---|---|---|---|
| 2021 | $7.27 billion | 61.7% | 20,639,085 | $352.17 | +$2,276.6 million | +$511.7 million |
| 2022 | $4.67 billion | 56.0% | 19,689,197 | $237.33 | -$2,359.8 million | -$730.5 million |
| 2023 | $5.83 billion | 57.5% | 18,680,108 | $311.90 | +$1,412.8 million | +$609.9 million |
| 2024 | $5.70 billion | 54.0% | 16,771,640 | $339.93 | +$521.2 million | +$554.0 million |
| 2025 | $4.82 billion | 46.6% | 14,886,577 | $324.03 | -$227.5 million | +$714.2 million |
Q3 tabulation of plan 001’s Form 5500, Schedule H and audited statements, plan years 2021 to 2024, and the Form 11-K for 2025 (no 2025 Form 5500 is in the dataset used). The newest filing per plan per year was kept; each year had one filing, none marked amended. Gains and losses are net realized and unrealized appreciation.
In 2022 the stock line lost $2.36 billion, 76.4% of the plan’s investment losses, and total Schedule H income was negative $2.61 billion, or 22.1% of starting assets. In 2025 the other funds gained $714.2 million while stock lost $227.5 million, in the same year management cited a sales slump when it paused the match. Pay, the match and this fund all trace back to one employer. The filings report plan totals only, so a participant’s own percentage has to come from the account statement.
Shares held fell 27.9% from 2021 to 2025. The plan bought about $290 million of company stock in 2025 and sold about $840 million, figures that do not separate participant diversification from sales that fund payouts. The remaining 14,886,577 shares were 6.0% of voting shares, per the 10-K’s savings plan note.
Direction matters because undirected match money goes to company stock while undirected employee money goes to a target date fund. IRC section 401(a)(35) sets the legal floor for getting out: a divestment right on deferrals from the start and on employer money after three years of service, at least three diversified alternatives, and windows no less often than quarterly. The ESOP carve-out in section 401(a)(35)(E)(ii) is unavailable to a plan holding 401(k) money. The 10-K states no waiting period when it says participants may diversify future and prior match. Plan 001 reports stock bonus code 2I and ESOP code 2O, and how that differs from a stand-alone design is covered in the ESOP versus 401(k) comparison.
How much money goes into and out of the Sherwin-Williams 401(k) each year?
In 2024 employees deferred $277.6 million, rollovers added $24.4 million and the company added $160.3 million, while $1.21 billion left, 11.9% of starting assets. Net assets rose by $434.2 million because investments appreciated $1.08 billion. The 2025 pattern repeated, with $1.25 billion paid out and assets down $202.3 million.
| Year | Participants (with a balance) | Employee deferrals | Rollovers | Company contributions | Company $ per $1 deferred | Benefits paid (share of starting assets) | Loans outstanding |
|---|---|---|---|---|---|---|---|
| 2021 | 60,004 (57,893) | $221.8 million | $17.3 million | $132.4 million | $0.60 | $875.4 million (9.3%) | $82.8 million |
| 2022 | 63,090 (60,448) | $237.3 million | $14.3 million | $137.8 million | $0.58 | $838.5 million (7.1%) | $85.4 million |
| 2023 | 63,424 (61,185) | $257.7 million | $14.7 million | $149.9 million | $0.58 | $777.6 million (9.3%) | $93.6 million |
| 2024 | 62,829 (61,101) | $277.6 million | $24.4 million | $160.3 million | $0.58 | $1,205.4 million (11.9%) | $104.6 million |
| 2025 (11-K) | Not reported | $303.6 million combined | $159.8 million | Not computed | $1,247.6 million (11.8%) | $108.9 million | |
Q3 tabulation of Form 5500 and Schedule H, plan years 2021 to 2024 (plan 001), and the 2025 Form 11-K. The 2024 11-K line “contributions from participants,” $302,024,335, equals Schedule H deferrals plus rollovers to the dollar.
The company put in 58 cents per dollar deferred in 2024, not $1, which fits a formula that ignores deferrals above 6% of pay and everything in the first year of service. Average net assets per funded account were $172,887, a mean the public data cannot pair with a median.
The filings do not explain the jump in payouts to $1.21 billion from $777.6 million. Direct plan expenses were $2,642,321 in 2024, or $43.25 per funded account and 2.55 basis points of average net assets, excluding costs inside the funds. Under the 2025 note, the company bears most administrative cost while employees bear certain recordkeeping, loan and QDRO fees.
What can you contribute in 2026, and does the plan’s post-tax option cover the Roth catch-up rule?
Plan 001 accepts up to 50% of eligible earnings, capped in 2026 at $24,500, plus $8,000 at age 50 or $11,250 at ages 60 to 63, so the ceiling is $32,500 or $35,750. Plan 010 takes no employee money. Neither SEC filing uses the word “Roth”: the 10-K says “pre-tax or after-tax” and the 11-K says “post-tax.”
That wording matters for higher earners. Under IRC section 414(v)(7) and the $150,000 threshold in Notice 2025-67, an employee whose 2025 FICA wages from Sherwin-Williams exceeded $150,000 can make 2026 catch-up contributions only as designated Roth money, as the 2026 catch-up contribution guide details. Two questions for the plan settle it: is the post-tax source a designated Roth account under IRC section 402A, and does the plan allow in-plan Roth conversions? The public filings answer neither.
What can you borrow or withdraw while still employed at Sherwin-Williams?
Plan 001 lends up to the lesser of $50,000 or half the vested balance, for one to five years, or up to ten for a primary residence, at prime plus 1%. With prime at 7.00% since September 17, 2026, that formula gives 8.00% on a loan priced today. Hardship withdrawals exist, and other in-service withdrawals are described only as limited.
Loans outstanding were 1.05% of assets at the end of 2025, at rates from 3.25% to 10.5%. The notes do not spell out the age 59½ rule, and plan 010’s note describes payment only on termination of employment, with no loan balance in its statements. The summary plan description holds the conditions, and ERISA section 104(b)(4) requires the Administration Committee to furnish it on written request, with a 30-day response window under section 502(c)(1).
What are the choices at departure: company shares, NUA and spousal consent on plan 010?
Departure means separate decisions for separate accounts. Plan 001 pays cash or, for money in the Company Stock Fund, actual shares at the participant’s option. Plan 010’s default form is a joint and survivor annuity, so a married participant generally needs witnessed spousal consent to take a lump sum there.
The share option is what makes net unrealized appreciation available. The 11-K schedule omits cost for participant-directed holdings, so the public filings cannot reveal any participant’s basis; Fidelity has to supply the cost per share before anyone can run the numbers. Under IRC section 402(e)(4)(D)(ii), pension plans, profit-sharing plans and stock bonus plans are each aggregated by kind when testing for a lump sum. Plan 001 is coded stock bonus and plan 010 money purchase, so plan 010 appears to be outside the test for plan 001’s lump sum, a classification worth confirming in writing with the Administration Committee before any distribution.
Illustration (Q3 calculation; hypothetical employee and cost basis). A departing employee holds 400 shares at the plan’s December 31, 2025 value of $324.03, or $129,613. If the plan’s cost were $100 a share, $40,000 would be ordinary income in the distribution year and $89,613 would be taxed as long-term gain on sale. That $40,000 also uses bracket room, up to the 2026 24% bracket top of $201,775 single or $403,550 joint, that a Roth conversion in the same year would otherwise occupy.
The tradeoffs and stock risk of that election are in the net unrealized appreciation guide. For plan 010, IRC section 417 requires the spouse’s written consent to be witnessed by a plan representative or notary, and sets the survivor annuity at 50% to 100% of the joint amount. Plan 010’s note also charges terminated participants the cost of maintaining their accounts. A worker leaving in or after the year of turning 55 has a separate penalty question, covered in the rule of 55 explainer.
Frequently asked questions
Does Sherwin-Williams have a pension?
Mostly as an account, not a monthly promise. The Salaried Employees’ Revised Pension Investment Plan is a money purchase plan with a company credit of 2% to 7% of pay. The Employees’ Pension Plan is a defined benefit plan, but it covered only 1,385 people in 2024: bargaining unit employees and certain pre-1984 hires.
Why did Sherwin-Williams stop the 401(k) match in 2025?
Local public media reported on September 4, 2025 that CEO Heidi Petz told employees by email that the company was temporarily suspending the 6% match, citing a profit decline tied to housing costs, rising prices and trade duties. The Form 11-K gives only the mechanics: paused October 1, 2025 and reinstated February 1, 2026.
Is Fidelity the company behind the Sherwin-Williams 401(k)?
Fidelity Management Trust Company is the plan’s trustee under Note 1 of the Form 11-K. On the 2024 Schedule C, Fidelity Inv Inst Ops Co received $742,006 in direct pay, and its EIN, 04-2647786, is also the benefit payor listed on Schedule R. Sherwin-Williams itself runs the plan through its Administration Committee.
Can part-time Sherwin-Williams employees join the 401(k)?
Yes, if otherwise eligible. Note 1 of the 11-K lists full-time and part-time employees, provided they work for a participating employer, are outside an excluded collective bargaining unit, and are employed in the United States or are U.S. citizens abroad. Plan 010 separately requires six months of service before its age-and-service credit begins.
Can a former employee leave money in the Sherwin-Williams 401(k)?
Note 1 allows a vested balance to stay, subject to plan limits and required minimum distributions, which begin at 73 for people born 1951 to 1959 and 75 for those born 1960 or later. Federal law permits plans to force out balances up to $7,000, so the SPD is where to check the plan’s small-balance rule.
Methodology and sources: This page compiles primary documents and public data: DOL Form 5500 and Schedule H datasets for plan years 2021 to 2024, the audited statements attached to those filings, the 2025 Form 11-K, Form 10-K notes, IRS Notice 2025-67 and federal statutes. Python scripts filtered the filings to EIN 34-0526850, kept the newest filing per plan per year, joined Schedule H on filing ID and computed every ratio and hypothetical. The summary plan description was not publicly available and was not reviewed; the plan document governs. Press reports are cited only for company emails that are not otherwise public. Anonymous forum anecdotes were excluded because this is a financial topic.
This article is for educational purposes only and is not individualized investment, tax, or legal advice. Consult a qualified professional about your specific situation.
