Industry News | July 29, 2009

Starbucks to Fund Company Discretionary Match for 2009

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Starbucks announced to its U.S. employees that it will make the company discretionary match to the Future Roast 401(k) Savings Plan for the 2009 plan year. In December 2008, Starbucks made its 401(k) match discretionary, to be based on the company’s performance over the year.

“Our progress over these past few months has given us the opportunity to fund the company discretionary match for the 2009 plan year,” says Howard Schultz, president, chairman, and CEO of Starbucks. “Make no mistake, 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."

In the same communication, 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 employees.
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