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