Since the update I cannot assign people to speed dial...it lets me go through the motions but does not save no matter what I do...just finding out a lot of little quirky things are happening since the update mostly with my contacts...
You will need to do a factory reset: see the last three posts on this thread
http://forums.verizon.com/t5/Android-Devices/No-speed-dial-after-update/td-p/197552/page/2