Cream peanut butter and butter in a large bowl.
Add powdered sugar and mix well.
Gently stir in toffee bits (reserve 1/3 c.) and crisp rice cereal.
If necessary, refrigerate to reduce stickiness.
Roll into 1 inch balls.
Refrigerate one hour or more.
Melt chocolate on stove top or in microwave; coat balls in chocolate and sprinkle with toffee bits.
Place on wax paper to dry.