Starbucks may not match 401(k) contributions: report

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 on 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 January 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 and Eastman Kodak Co.

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

(Reporting by Michele Gershberg; editing by Jeffrey Benkoe)