Starbucks to Match 401(k) Contributions

Seattle-based Starbucks Corp. will match U.S. employees’ contributions to the company’s $252 million 401(k) plan through the 2009 plan year, which ends September 27.

The company announced Tuesday, July 28, that it will make its discretionary match to the Future Roast 401(k) Savings Plan based on company performance, according to a news release. In December 2008, Starbucks made its match discretionary, to be based on 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,” said Howard Schultz, president, chairman and CEO of Starbucks, in a statement.

The company match ranged from 25 to 125 percent of employee contributions up to 4 percent of pay, according to Starbucks’ employee benefits summary.

Filed by Jeff Nash of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.