Swank Inc., Attleboro, Mass., announced the 401(k) savings and stock ownership plan committee of the New Swank Inc. Retirement Plan has authorized the repurchase by the retirement plan of up to 600,000 shares of the companys common stock. Swank has a combination 401(k) plan and ESOP, with assets of $20 million. The company needs stock for its annual distribution to the ESOP, but because its stock price has been low (it closed on Tuesday at 15/16 after reaching a 52-week high of 2 3/4), fewer shares have been sold back to the company by retired employees, according to Art Gately, a consultant to the fund. "If we cant get enough shares, well have to make a cash distribution to the fund, he said. In that case, employees also would have the option of investing the cash in the 401(k) plan. Stock purchases would be made at the discretion of the retirement plans trustees from time to time in the open market and through privately negotiated transactions. Swanks board of directors has also adopted a shareholder rights plan, or poison pill. This plan succeeds its prior rights plan, which expired last year. John Tulin, president of the company, said the plan was not adopted in response to any specific offer to acquire the company.