Sherwin-Williams Employees: The Overlooked Retirement Mistake That Could Cost Your Family

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

'Sherwin-Williams employees should treat beneficiary updates as a critical part of their retirement checklist, since even the strongest savings strategy can fall short if outdated forms send assets to unintended recipients.' — Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'For Sherwin-Williams employees, keeping 401(k) and IRA beneficiary forms current is one of the simplest yet most powerful ways to help preserve your estate intentions and reduce complications for your loved ones.' — Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

1. The importance of keeping your 401(k) and IRA beneficiary designations current.

2. Common mistakes employees make with beneficiary designations.

3. How regular reviews can help align your estate and retirement plans.

The Value of Keeping Your 401(k) and IRA Beneficiary Forms Up to Date

by Tyson Mavar, CFP®, Wealth Enhancement

Many Sherwin-Williams employees focus on building their retirement savings but may overlook one crucial detail—updating their 401(k) and IRA beneficiary forms. After finalizing a will, it’s easy to think your estate plan is complete. However, these beneficiary documents—not your will—determine who receives your retirement assets.

In most cases, the beneficiary designations take precedence over your will’s instructions. That means your 401(k) or IRA funds are distributed based on the most recent forms filed with your plan administrator. Outdated or incomplete beneficiary information can lead to costly and irreversible outcomes after death.

Why This Matters for Sherwin-Williams Employees

The beneficiary listed on your retirement plan will receive those funds directly, regardless of what your will says. This could unintentionally exclude newer family members or benefit someone you no longer wish to include. Regularly reviewing your Sherwin-Williams 401(k) and any linked IRA accounts after major life events—such as marriage, divorce, or the birth of a child—helps keep your intentions consistent with your current situation.

Common Beneficiary Mistakes

Naming the estate as beneficiary
According to IRS regulations, naming your estate creates a “non-designated beneficiary.” This limits distribution options and could eliminate certain tax advantages, like the spousal rollover or 10-year payout rule.

Leaving out contingent beneficiaries
Always list both primary and contingent beneficiaries. This allows for flexibility if the primary beneficiary predeceases you or declines the inheritance, preserving potential tax efficiencies for your family.

Not updating after a rollover or transfer
When you move funds—such as rolling your Sherwin-Williams 401(k) into an IRA—new beneficiary forms are required. Each account keeps its own beneficiary record, and old designations do not automatically transfer.

Overlooking spousal rights
Under federal law, a spouse is typically the default beneficiary of a 401(k). To name another beneficiary, your spouse must sign a formal waiver. This rule applies to most corporate retirement plans, including those at large employers.

Ignoring beneficiary updates after divorce
For ERISA-governed plans like 401(k)s, plan administrators must follow the designation on file even if a divorce decree states otherwise. Some states automatically revoke an ex-spouse’s designation for IRAs, but federal plans do not.

Failing to coordinate with trusts
If a trust is meant to manage your retirement assets, it must be correctly named as a beneficiary and meet IRS “see-through” rules. Otherwise, your trust may lose intended tax and estate planning advantages.

The Value of Regular Review

Even a well-organized estate plan can be undermined by outdated beneficiary forms. Periodically confirming your Sherwin-Williams retirement account designations can help align your estate intentions and reduce future tax complications.

At  The Retirement Group , we work with Sherwin-Williams employees to coordinate estate, trust, and retirement planning strategies.
To review your beneficiary designations and retirement plan coordination, call us at  (800) 900-5867 .

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Sources:

1. IRS —  Publication 590-B: Distributions from IRAs (2024)  Author: Internal Revenue Service. Create date: 2024 edition. Pages referenced: pp. 8–10.

2. GAO —  Retirement Security: DOL Could Better Inform Divorcing Parties about Dividing Savings  (GAO-20-541) Author: U.S. Government Accountability Office. Create date: July 31, 2020. Pages referenced: p. 1 (highlights), pp. 5–6 (QDRO overview), p. 10 (spousal/survivor & default to spouse in DC plans), pp. 12, 15–16, 32 (process & pitfalls).