Playboy Enterprises Inc., Chicago, hired Fidelity as IRA provider for rollovers from inactive 401(k) accounts in the company's $75 million plan, subject to contract negotiations, said Tobi Davis, cash and retirement plans manager. She said new federal guidelines required the company to find a provider who will put the funds in a money market account. Playboy previously would cash out inactive accounts and give the participants checks.
Ms. Davis said Playboy didn't issue an RFP for the hire. Fidelity is also the bundled provider for the plan, which offers 10 investment options plus Fidelity's Freedom Funds.