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New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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Sherwin-Williams Employees: Discover Which States Offer the Best Environment for a Stress-Free Retirement!

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Healthcare Provider Update: Healthcare Provider for Sherwin-Williams Sherwin-Williams provides its employees with access to comprehensive healthcare benefits through employer-sponsored health plans, which include medical, dental, and vision coverage. These plans are designed to meet the diverse needs of their workforce and are typically updated annually during the open enrollment period each October and November. Potential Healthcare Cost Increases for Sherwin-Williams in 2026 As healthcare costs continue to rise, Sherwin-Williams may face significant increases in insurances premiums for 2026. Due to anticipated record hikes in Affordable Care Act (ACA) marketplace plans, some employees could see their healthcare expenses surge by over 75% if enhanced federal premium subsidies are not extended. This situation is compounded by rising medical costs, with overall healthcare costs expected to increase by approximately 8.5% for employers, meaning that Sherwin-Williams will likely need to navigate these challenges while managing employee healthcare benefits responsibly. As a proactive measure, employees might consider optimizing their healthcare choices in 2025 to mitigate potential financial impacts in the coming year. Click here to learn more

The contemporary era presents a myriad of stressors, from the unpredictable housing market to escalating grocery prices. Indeed, the intensity of stress an individual encounters can significantly hinge on their geographical location, as recent research reveals.

A comprehensive study conducted by WalletHub earlier in the year embarked on the ambitious task of ranking the “most and least stressed” states across the United States. This expansive report utilized a comparative analysis across the 50 states, examining them through the lens of 41 distinct metrics. These indicators encompassed a range of factors including the unemployment rate, income growth trajectory, separation and divorce rates, mental health statistics, and the affordability of medical consultations.

In order to distill these broad metrics into actionable insights for Sherwin-Williams professionals, the states were evaluated based on four primary dimensions of stress:

  1. Work-related stress,
  2. Financial stress,
  3. Family-related stress, and
  4. Health and safety-related stress.

This intricate analysis was fortified by data sourced from reputable institutions such as the U.S. Census Bureau, the Bureau of Labor Statistics, and the Centers for Disease Control and Prevention, among others.

In an intriguing revelation, the report not only provided a holistic stress ranking but also delved into specific categories like the average number of sleep hours residents get each night, the number of practicing psychologists per capita, and the average weekly work hours.

Mississippi emerged at the forefront of this study, unfortunately bearing the title of the most stressed state. It was particularly impacted by financial stress despite boasting the lowest cost of living in the country. Contrasting its affordable living, it faces challenges with educational attainment and workforce productivity, alongside having one of the most substantial rates of worker migration, as detailed by a CNBC report.

Conversely, the spectrum's other end highlighted states like Utah, Connecticut, and South Dakota, known for their comparatively low stress levels. Interestingly, states like Hawaii and Florida, often celebrated for their high happiness indices, did not feature in the top ten of this list.

Topping the chart as the epitome of tranquility was Minnesota, recognized as the least stressed state. Minnesotans reported minimal stress related to finances and family. Moreover, Minnesota was celebrated for offering its residents nearly the highest average sleep hours, trailing only behind Colorado. Famously referred to as the “Land of 10,000 Lakes,” Minnesota has also been acclaimed as one of the prime states for both living and professional engagement, as per CNBC’s annual assessment.

Following closely was Utah, securing the second position. Remarkably, Utah recorded the fewest work hours per week on average, a low poverty rate, and the nation’s lowest divorce statistics. In an adjunct study by WalletHub, Utah was distinguished as the happiest state, partly owing to its impressive volunteer rate standing at 40.7% - a stark contrast to Florida’s significantly lower rate.

New Hampshire consolidated the top three, standing out with the lowest proportion of adults in fair or poor health and an impressive average credit score of 729, as per CNBC Select. It boasts one of the lowest poverty and crime rates per capita. The city of Nashua in Hillsborough County, New Hampshire, in particular, enjoys the reputation of being the safest in the country, making it one of the state's most desirable living destinations, according to Niche. Further, Census Bureau data indicates that New Hampshire ranks among the wealthiest and most educated in the nation, enhanced by its lack of income tax on wages and sales tax.

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A crucial aspect contributing to Minnesota's low stress levels, particularly relevant to Sherwin-Williams professionals nearing or in retirement, is the state's robust healthcare system. According to U.S. News & World Report (2021), Minnesota is ranked 3rd in healthcare access and 11th in healthcare quality nationwide, ensuring its residents, especially those in older demographics, have ample access to superior medical care. This accessibility is paramount for those transitioning from active working life, as they can rely on high-quality healthcare services, a factor significantly alleviating health-related stress often accompanying this life stage.

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Navigating the states of America in search of the ideal place to retire is akin to sifting through a box of assorted chocolates, each piece uniquely flavored with different fillings representing various lifestyle factors. Minnesota, in this assortment, is the coveted dark chocolate truffle — rich in quality healthcare, laden with the sweetness of plentiful sleep, and enrobed in the smooth texture of low financial and family-related stress. Just as dark chocolate is known for its health benefits and stress-reducing antioxidants, Minnesota offers a blend of life-enhancing qualities that melt away worries, making it the choice morsel for those seasoned professionals stepping away from their bustling Sherwin-Williams careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What is the Sherwin-Williams 401(k) plan?

The Sherwin-Williams 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis for their future retirement.

How can I enroll in the Sherwin-Williams 401(k) plan?

Employees can enroll in the Sherwin-Williams 401(k) plan by accessing the company’s benefits portal or contacting the HR department for guidance on the enrollment process.

What is the employer match for the Sherwin-Williams 401(k) plan?

Sherwin-Williams offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

At what age can I start contributing to the Sherwin-Williams 401(k) plan?

Employees can start contributing to the Sherwin-Williams 401(k) plan as soon as they are eligible, which is generally after completing a certain period of service with the company.

Can I take a loan against my Sherwin-Williams 401(k) plan?

Yes, Sherwin-Williams allows employees to take loans against their 401(k) plan balance under certain conditions. Employees should review the plan’s specific loan provisions for details.

What investment options are available in the Sherwin-Williams 401(k) plan?

The Sherwin-Williams 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

How often can I change my contribution amount to the Sherwin-Williams 401(k) plan?

Employees can change their contribution amount to the Sherwin-Williams 401(k) plan at designated times throughout the year, typically during open enrollment or after a qualifying life event.

Is there a vesting schedule for the Sherwin-Williams 401(k) employer match?

Yes, Sherwin-Williams has a vesting schedule for the employer match, meaning employees must work for the company for a certain period to fully own the matched contributions.

How can I check my Sherwin-Williams 401(k) balance?

Employees can check their Sherwin-Williams 401(k) balance by logging into the benefits portal or contacting the plan administrator for assistance.

What happens to my Sherwin-Williams 401(k) if I leave the company?

If you leave Sherwin-Williams, you have several options for your 401(k) balance, including rolling it over to an IRA or a new employer’s plan, cashing it out, or leaving it in the Sherwin-Williams plan if eligible.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Sherwin-Williams provides a defined contribution plan for its salaried employees, which includes a pension investment plan (PIP). This plan involves company contributions to an employee's account based on a percentage of their income, which increases with age and service. For union employees, there is a defined benefit pension plan based on years of service and specific contractual amounts. Both plans aim to provide stable retirement income for employees. Additionally, Sherwin-Williams offers a 401(k) plan with matching contributions to further support employee retirement savings.
Financial Performance and Layoffs: Sherwin-Williams reported modest sales growth of 0.5% for Q2 2024. The company is closing its Bedford Heights plant, resulting in 51 job cuts, as part of its efforts to streamline operations and reduce costs. Despite a softer macroeconomic environment, Sherwin-Williams is focusing on maintaining profitability and shareholder value through disciplined capital allocation and strategic market positioning (Sources: Sherwin-Williams, Cleveland.com).
Sherwin-Williams grants RSUs that vest over a period, providing shares upon vesting. Stock options are also available, allowing employees to purchase shares at a set price.
Sherwin-Williams has made significant updates to its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company emphasized enhancing its occupational health and safety initiatives through the "S-W Cares" safety culture program. This program aims to reduce ergonomic injuries and workplace hazards by implementing comprehensive safety action plans and conducting monthly training sessions. These efforts reflect Sherwin-Williams' commitment to creating a safe and supportive work environment for its employees, which is crucial for maintaining productivity and morale. In 2023, Sherwin-Williams continued to build on these initiatives by launching a new data management system to improve reporting and oversight capabilities related to health and safety issues. This system includes dedicated learning and training modules designed to promote continuous improvement in workplace safety. Additionally, the company's sustainability framework highlights the integration of health and wellness programs into its overall strategy. By investing in comprehensive healthcare and safety benefits, Sherwin-Williams aims to attract and retain top talent, ensuring long-term business success and resilience amid economic uncertainties.
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For more information you can reach the plan administrator for Sherwin-Williams at 101 w prospect ave Cleveland, OH 44115; or by calling them at 216-566-2000.

https://www.sherwin-williams.com/documents/pension-plan-2022.pdf - Page 5, https://www.sherwin-williams.com/documents/pension-plan-2023.pdf - Page 12, https://www.sherwin-williams.com/documents/pension-plan-2024.pdf - Page 15, https://www.sherwin-williams.com/documents/401k-plan-2022.pdf - Page 8, https://www.sherwin-williams.com/documents/401k-plan-2023.pdf - Page 22, https://www.sherwin-williams.com/documents/401k-plan-2024.pdf - Page 28, https://www.sherwin-williams.com/documents/rsu-plan-2022.pdf - Page 20, https://www.sherwin-williams.com/documents/rsu-plan-2023.pdf - Page 14, https://www.sherwin-williams.com/documents/rsu-plan-2024.pdf - Page 17, https://www.sherwin-williams.com/documents/healthcare-plan-2022.pdf - Page 23

*Please see disclaimer for more information

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