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UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 401k Plan overview

Plan NameUPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN
Plan identification number 001

UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

UPDATE, INC. has sponsored the creation of one or more 401k plans.

Company Name:UPDATE, INC.
Employer identification number (EIN):383900189
NAIC Classification:561300

Form 5500 Filing Information

Submission information for form 5500 for 401k plan UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01HEATHER RICHARDSON2023-10-09 HEATHER RICHARDSON2023-10-09
0012021-01-01HEATHER RICHARDSON2022-10-14 HEATHER RICHARDSON2022-10-14
0012020-01-01HEATHER RICHARDSON2021-09-17 HEATHER RICHARDSON2021-09-17

Plan Statistics for UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN

401k plan membership statisitcs for UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN

Measure Date Value
2022: UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-01366
Total number of active participants reported on line 7a of the Form 55002022-01-0161
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-0122
Total of all active and inactive participants2022-01-0183
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-0183
Number of participants with account balances2022-01-0125
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-01341
Total number of active participants reported on line 7a of the Form 55002021-01-01112
Number of other retired or separated participants entitled to future benefits2021-01-01139
Total of all active and inactive participants2021-01-01251
Total participants2021-01-01251
Number of participants with account balances2021-01-01164
2020: UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2020 401k membership
Total participants, beginning-of-year2020-01-01330
Total number of active participants reported on line 7a of the Form 55002020-01-01186
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-01136
Total of all active and inactive participants2020-01-01322
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-01322
Number of participants with account balances2020-01-01167
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010

Financial Data on UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN

Measure Date Value
2022 : UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2022 401k financial data
Total transfer of assets from this plan2022-12-31$9,054,162
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$18,662
Total income from all sources (including contributions)2022-12-31$-1,311,273
Total of all expenses incurred2022-12-31$618,859
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$540,405
Expenses. Certain deemed distributions of participant loans2022-12-31$0
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$234,218
Value of total assets at end of year2022-12-31$621,182
Value of total assets at beginning of year2022-12-31$11,624,138
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$78,454
Total interest from all sources2022-12-31$243
Total dividends received (eg from common stock, registered investment company shares)2022-12-31$62,961
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2022-12-31$0
Total dividends received from registered investment company shares (eg mutual funds)2022-12-31$62,961
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$500,000
If this is an individual account plan, was there a blackout period2022-12-31No
Were there any nonexempt tranactions with any party-in-interest2022-12-31No
Contributions received from participants2022-12-31$234,218
Participant contributions at end of year2022-12-31$0
Participant contributions at beginning of year2022-12-31$285
Assets. Other investments not covered elsewhere at beginning of year2022-12-31$0
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2022-12-31$18,662
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$-1,930,132
Value of net assets at end of year (total assets less liabilities)2022-12-31$621,182
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$11,605,476
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2022-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2022-12-31No
Were any leases to which the plan was party in default or uncollectible2022-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2022-12-31$145
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2022-12-31$10,011,757
Interest on participant loans2022-12-31$98
Value of interest in common/collective trusts at end of year2022-12-31$0
Value of interest in common/collective trusts at beginning of year2022-12-31$994,601
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2022-12-31$0
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2022-12-31$0
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2022-12-31$145
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2022-12-31$621,037
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2022-12-31$617,495
Net investment gain/loss from registered investment companies (e.g. mutual funds)2022-12-31$-1,614,464
Net investment gain or loss from common/collective trusts2022-12-31$5,769
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2022-12-31Yes
Was there a failure to transmit to the plan any participant contributions2022-12-31No
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Contributions received in cash from employer2022-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$540,405
Contract administrator fees2022-12-31$78,454
Did the plan have assets held for investment2022-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2022-12-31No
Opinion of an independent qualified public accountant for this plan2022-12-31Unqualified
Accountancy firm name2022-12-31WIPFLI
Accountancy firm EIN2022-12-31390758449
2021 : UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2021 401k financial data
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-12-31$18,662
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-12-31$9,509
Total income from all sources (including contributions)2021-12-31$2,161,283
Total of all expenses incurred2021-12-31$1,265,696
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-12-31$1,126,865
Expenses. Certain deemed distributions of participant loans2021-12-31$54,778
Value of total corrective distributions2021-12-31$18,662
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-12-31$435,550
Value of total assets at end of year2021-12-31$11,624,138
Value of total assets at beginning of year2021-12-31$10,719,398
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-12-31$65,391
Total interest from all sources2021-12-31$2,032
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2021-12-31No
Was this plan covered by a fidelity bond2021-12-31Yes
Value of fidelity bond cover2021-12-31$500,000
If this is an individual account plan, was there a blackout period2021-12-31No
Were there any nonexempt tranactions with any party-in-interest2021-12-31No
Contributions received from participants2021-12-31$323,692
Participant contributions at end of year2021-12-31$285
Participant contributions at beginning of year2021-12-31$56,852
Assets. Other investments not covered elsewhere at end of year2021-12-31$0
Assets. Other investments not covered elsewhere at beginning of year2021-12-31$487,890
Income. Received or receivable in cash from other sources (including rollovers)2021-12-31$111,858
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2021-12-31$18,662
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2021-12-31$9,509
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Value of net income/loss2021-12-31$895,587
Value of net assets at end of year (total assets less liabilities)2021-12-31$11,605,476
Value of net assets at beginning of year (total assets less liabilities)2021-12-31$10,709,889
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2021-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2021-12-31No
Were any leases to which the plan was party in default or uncollectible2021-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2021-12-31$10,011,757
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-12-31$10,174,656
Interest on participant loans2021-12-31$2,032
Value of interest in common/collective trusts at end of year2021-12-31$994,601
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2021-12-31$0
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2021-12-31$617,495
Net investment gain/loss from registered investment companies (e.g. mutual funds)2021-12-31$1,704,437
Net investment gain or loss from common/collective trusts2021-12-31$19,264
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2021-12-31No
Was there a failure to transmit to the plan any participant contributions2021-12-31No
Has the plan failed to provide any benefit when due under the plan2021-12-31No
Contributions received in cash from employer2021-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-12-31$1,126,865
Contract administrator fees2021-12-31$65,391
Did the plan have assets held for investment2021-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2021-12-31No
Opinion of an independent qualified public accountant for this plan2021-12-31Unqualified
Accountancy firm name2021-12-31WIPFLI
Accountancy firm EIN2021-12-31390758449
2020 : UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2020 401k financial data
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2020-12-31$9,509
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2020-12-31$10,732
Total income from all sources (including contributions)2020-12-31$2,021,954
Total of all expenses incurred2020-12-31$1,236,494
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2020-12-31$1,172,016
Value of total corrective distributions2020-12-31$9,509
Total contributions o plan (from employers,participants, others, non cash contrinutions)2020-12-31$252,596
Value of total assets at end of year2020-12-31$10,719,398
Value of total assets at beginning of year2020-12-31$9,935,161
Total of administrative expenses incurred including professional, contract, advisory and management fees2020-12-31$54,969
Total interest from all sources2020-12-31$2,297
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2020-12-31No
Administrative expenses professional fees incurred2020-12-31$54,969
Was this plan covered by a fidelity bond2020-12-31Yes
Value of fidelity bond cover2020-12-31$500,000
If this is an individual account plan, was there a blackout period2020-12-31No
Were there any nonexempt tranactions with any party-in-interest2020-12-31No
Contributions received from participants2020-12-31$252,596
Participant contributions at end of year2020-12-31$56,852
Participant contributions at beginning of year2020-12-31$59,333
Assets. Other investments not covered elsewhere at end of year2020-12-31$487,890
Assets. Other investments not covered elsewhere at beginning of year2020-12-31$461,292
Income. Received or receivable in cash from other sources (including rollovers)2020-12-31$0
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2020-12-31$9,509
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2020-12-31$10,732
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2020-12-31No
Income. Non cash contributions2020-12-31$0
Value of net income/loss2020-12-31$785,460
Value of net assets at end of year (total assets less liabilities)2020-12-31$10,709,889
Value of net assets at beginning of year (total assets less liabilities)2020-12-31$9,924,429
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2020-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2020-12-31No
Were any leases to which the plan was party in default or uncollectible2020-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2020-12-31$10,174,656
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2020-12-31$9,414,536
Income. Interest from loans (other than to participants)2020-12-31$2,297
Net investment gain/loss from registered investment companies (e.g. mutual funds)2020-12-31$1,767,061
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2020-12-31No
Was there a failure to transmit to the plan any participant contributions2020-12-31No
Has the plan failed to provide any benefit when due under the plan2020-12-31No
Contributions received in cash from employer2020-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2020-12-31$1,172,016
Did the plan have assets held for investment2020-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2020-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2020-12-31No
Opinion of an independent qualified public accountant for this plan2020-12-31Unqualified
Accountancy firm name2020-12-31WIPFLI
Accountancy firm EIN2020-12-31390758449

Form 5500 Responses for UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN

2022: UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Submission has been amendedNo
2022-01-01This submission is the final filingNo
2022-01-01This return/report is a short plan year return/report (less than 12 months)No
2022-01-01Plan is a collectively bargained planNo
2022-01-01Plan funding arrangement – InsuranceYes
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement – InsuranceYes
2022-01-01Plan benefit arrangement - TrustYes
2021: UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01Submission has been amendedNo
2021-01-01This submission is the final filingNo
2021-01-01This return/report is a short plan year return/report (less than 12 months)No
2021-01-01Plan is a collectively bargained planNo
2021-01-01Plan funding arrangement – InsuranceYes
2021-01-01Plan funding arrangement – TrustYes
2021-01-01Plan benefit arrangement – InsuranceYes
2021-01-01Plan benefit arrangement - TrustYes
2020: UPDATE, INC. 401(K) SAVINGS AND RETIREMENT PLAN 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Submission has been amendedNo
2020-01-01This submission is the final filingNo
2020-01-01This return/report is a short plan year return/report (less than 12 months)No
2020-01-01Plan is a collectively bargained planNo
2020-01-01Plan funding arrangement – InsuranceYes
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement – InsuranceYes
2020-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

FIRST GREAT WEST LIFE INSURANCE & ANNUITY CO (National Association of Insurance Commissioners NAIC id number: 60214 )
Policy contract number386531-01
Policy instance 1
Insurance contract or identification number386531-01
Number of Individuals Covered25
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
FIRST GREAT WEST LIFE INSURANCE & ANNUITY CO (National Association of Insurance Commissioners NAIC id number: 60214 )
Policy contract number386531-01
Policy instance 1
Insurance contract or identification number386531-01
Number of Individuals Covered33
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
FIRST GREAT WEST LIFE INSURANCE & ANNUITY CO (National Association of Insurance Commissioners NAIC id number: 60214 )
Policy contract number386531-01
Policy instance 1
Insurance contract or identification number386531-01
Number of Individuals Covered34
Insurance policy start date2020-01-01
Insurance policy end date2020-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes

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