Deals & People July 27, 2009

MassMutual Continues Sales Team Additions with Fidelity Alum

MassMutual announced it is continuing to develop its sales team with the addition of Francesca Messano as managing director covering southern California and Hawaii.

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MassMutual announced it is continuing to develop its sales team with the addition of Francesca Messano as managing director covering southern California and Hawaii.

Messano joins MassMutual from Fidelity Investments, where she was employed for eight years, most recently as senior vice president, retirement specialist for southern California and Hawaii. Prior to Fidelity, she spent six years in the retirement arm of Pioneer Investment Management, according to an announcement.

“In today’s highly-competitive environment, the expertise of top industry professionals like Francesca is of tremendous value to retirement plan advisers,” said Hugh O’Toole, senior vice president of sales and client management for MassMutual’s Retirement Services Division, in the announcement.

Last week, MassMutual announced another Fidelity alumnus, Daniel Darby, was added to the sales team (see “MassMutual Adds to Retirement Services Sales Team”).

Messano is based in San Clemente, California, and can be reached at 949.246.9648.
The Markets July 27, 2009

Starbucks Will Make 2009 Match Contribution

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.

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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, Starbucks informed employees (whom the company calls “partners”) that it would switch to a “fully discretionary match” from a “fixed employer match” for its 401(k) plan, beginning in 2009 (see “Starbucks 401(k) Match Goes Discretionary”). “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, in 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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