Playboy Enterprises Inc., Chicago, plans to drop the INVESCO Total Return fund as an investment option in its $70.7 million 401(k) plan because of performance and market-timing allegations against INVESCO Funds Group, said Tobi Davis, cash and retirement plans manager. The fund, which will not be replaced, has been on the plan's watch list for three years, Ms. Davis said. Bill Hensel, INVESCO spokesman, didn't return a call seeking comment by press time.
Separately, the plan will add the Fidelity Freedom funds and the Royce Pennsylvania Mutual Fund as options, Ms. Davis said. The Pennsylvania fund will replace the Fidelity Low-Priced Stock fund, which will be closed to new participants at the end of this month.
The changes will take effect Sept. 1. The plan will offer 10 investment options plus the Fidelity Freedom funds. Smith Barney assisted.
