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Starbucks ends 401(k) match program

Coffee chain to discontinue program that matches employees' contributions to 401(k) retirement plans, according to The Wall Street Journal.

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December 23, 2008: 4:38 PM ET

Starbucks announced Tuesday it will no longer match employees' 401(k) contributions.

NEW YORK (Reuters) -- Coffee shop chain Starbucks Corp has informed employees it won't guarantee matching contributions to their 401(k) retirement plans next year, the Wall Street Journal reported Tuesday, citing a letter from the company.

According to the letter sent last week, Starbucks said it will switch to a fully discretionary match program from a fixed employer match as of Jan. 1.

Company officials were not immediately available for comment.

A growing list of U.S. companies have announced plans to suspend or cut 401(k) benefits to save costs in a recession, including FedEx Corp (FDX, Fortune 500) and Eastman Kodak Co. (EK, Fortune 500).

Starbucks (SBUX, Fortune 500) plans to spend about $15 million to match 401(k) contributions this year, the report said.

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