Employee Stock Purchase and Savings Plan - Salaried
The Sherwin-Williams Company Employee Stock Purchase and Savings Plan (the Plan) provides you the opportunity to save money from your paycheck for retirement. The Plan is comprised of an Employee Profit Sharing Plan (EPSP), a Group Registered Retirement Savings Plan (RRSP) and the Spousal Group Registered Retirement Plan (SPRRSP). The Plan, along with other personal savings, can be an important source of income at retirement.
Eligibility
A regular full-time or regular part-time employee may join the Plan immediately upon date of hire by Sherwin-Williams. You must elect to participate in these plans. After one year of continuous service with S-W, you are eligible for Company Matching Contributions.
Contact the Canada Life Access Line at 1-800-724-3402, from 8 a.m. to 8 p.m. ET for more information.
Your Contributions
You are permitted to make contributions to the Plan through payroll deductions immediately upon hire. Such contributions may not exceed 20% of your salary. You can direct your contribution to the EPSP, the RRSP or the SPRRSP in a variety of investment options available through our Plan provider, Canada Life. You can change your investment options at any time by calling Canada Life. You can also make lump sum contributions in cheque form to the program directly. These lump sum contributions are not eligible for Company Matching Contributions.
Company Matching Contributions
Company Matching Contributions help you maximize your savings. If you are a regular full-time or regular part-time employee, beginning the month after you have completed one year of continuous employment, your employer will match 50% of the first 7% (up to a maximum of 3.5%) of your contributions. You may direct the employer contribution to any combination of the EPSP or RRSP, as long as in total your direction is 100%.
Vesting
Vesting gives you ownership of the funds in your Plan account. That means you can take your vested account balance with you when you leave the Company. You are always 100% vested in your contributions and your Company Matching Contributions immediately.
Fund Access While You Are Working
You may withdraw any portion of your contributions and any Company Matching Contributions at any time; however withdrawals are subject to a $25 withdrawal fee. There may be some tax implications, so please consult a tax professional if you have tax-related questions.
Fund Access When You Leave the Company
If you retire from the Company, you can choose to withdraw your account at any time after your retirement date. If you leave the Company for any reason other than retirement, you will need to contact Canada Life to request a distribution.
How Do I designate a Beneficiary?
If you have not already selected your beneficiaries for your Plan, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or death in the family, it’s time to consider your beneficiary designations. You may file or update your beneficiary designation by calling the Canada Life Access Line at 1-800-724-3402, from 8 a.m. to 8 p.m. ET, or go to www.grsaccess.com
Your Investments In The Employee Stock Purchase and Savings Plan
You can direct the investment of all your contributions in the various Plans. The Plans offer a wide variety of funds from which to select, representing all of the primary asset classes (short-term investments, bonds and stocks). Since fund options can change, you will be provided with a complete list of available fund options once you are eligible to participate in the Plan. You can change the investment of your contributions on any business day.
Need assistance? Contact a Canada Life Representative at:
Canada Life
Group Retirement Services
330 University Avenue
Toronto, ON M5G 1R8
1-800-724-3402
www.grsaccess.com