Benefits July 27, 2009

Starbucks Will Make 2009 Match Contribution

July 27, 2009 (PLANSPONSOR.com) - Starbucks announced to its U.S. employees (whom the company calls partners) that it will make the company discretionary match to the Future Roast 401(k) Savings Plan for the 2009 plan year.
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In December, Starbucks informed employees it would switch to a “fully discretionary match” from a “fixed employer match” for its 401(k) plan, beginning in 2009 (see Starbucks to Exercise Discretion in 401(k) Matching ). “Our progress over these past few months has given us the opportunity to fund the company discretionary match for the 2009 plan year,” said Howard Schultz, president, chairman and ceo, according to a press release.

The company also announced that it will fund merit increases for eligible partners for fiscal 2010, and that it will continue to provide comprehensive and affordable health care benefits to all eligible partners.

The press release said Schultz acknowledged “we remain humbled by the uncertain economic environment and know we have a long journey ahead. While we have more work to do, we are making progress and I want to take this opportunity to recognize the important role that all of our partners play in creating the Starbucks experience and fundamentally driving our performance.”

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