Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust

Reviewed by PlainRetire Editorial, Retirement Plans Editorial Team · June 17, 2026

ERISA Form 5500 plan record drawn from DOL EBSA — verify with linked source filings below.

Sponsored by Banks Hardwoods, Inc. · Michigan · Manufacturing

What the 2023 filing shows

Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust holds $10M for 103 participants — about $92,704 per participant, down 13.7% over the 2022 plan year.

$10M
total plan assets (2022 EOY): 103
covered participants: $92,704
avg assets per participant: -13.7%
assets change YoY

The plan reported a net loss of $2M for the year — a single-year figure driven by markets and benefit payments, not a measure of plan health.

Total Assets (2023)

$10M

Participants

103

State

Michigan

Industry

Manufacturing

What the Filing Says About Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust

Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust is a 401(k) retirement plan sponsored by Banks Hardwoods, Inc., headquartered in Michigan. As of the 2022 Form 5500 filing, the plan reports $10M in total end-of-year assets and covers 103 participants across the Manufacturing industry. The sponsor's EIN on file with the U.S. Department of Labor is 351641369, and the plan has been effective since 1986-01-01. Its filing status is currently FILING RECEIVED.

Year over year, total assets moved from $11M at the beginning of 2022 to $10M at year-end — a decline of 13.7%. Net assets (after liabilities) closed the year at $10M, with reported net income of $-1,509,913 driven by investment returns, contributions received, and benefit payments during the period. These figures reflect what the plan administrator certified on Schedule H or Schedule I of the Form 5500 annual return.

Asset totals and participant counts reflect a single plan year snapshot and can change materially with market conditions, plan mergers, or workforce changes. Fields such as "net income" include both realized investment performance and contribution/distribution flows — a single-year figure does not by itself indicate plan health or participant outcomes. This page summarizes public DOL disclosures for research and educational purposes only and is not retirement, tax, legal, or financial advice. Before making decisions about your own retirement benefits or evaluating an employer's plan, verify the underlying filing directly via the DOL EFAST2 system and consult a qualified professional.

Financial Summary (2023)

Total Assets (Beginning of Year)	$11M
Total Assets (End of Year)	$10M
Net Assets (End of Year)	$10M
Net Income	$-1,509,913
Plan Type	401(k)
Employer EIN	351641369
Plan Effective Date	1986-01-01
Filing Status	FILING RECEIVED

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Related Data

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Frequently Asked Questions

How much money is in the Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust? ▼

As of the 2022 Form 5500 filing, Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust holds $10M in total assets with 103 participants. It is sponsored by Banks Hardwoods, Inc..

What type of plan is Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust? ▼

Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust is a 401(k) plan. It has been effective since 1986-01-01. The plan is filed with the U.S. Department of Labor under EIN 351641369.

Who sponsors the Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust? ▼

Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust is sponsored by Banks Hardwoods, Inc., located in Michigan. The sponsor's EIN is 351641369 and the plan operates in the Manufacturing industry.

How did Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust perform in 2022? ▼

Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust declined by 13.7% during 2022, moving from $11M to $10M in total assets. Net income was $-1,509,913.

Where can I find official filings for Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust? ▼

Official Form 5500 filings for Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust are available through the U.S. Department of Labor's EFAST2 system. Search by EIN 351641369 or plan name at efast.dol.gov.

How does Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust compare to other plans? ▼

You can compare Banks Hardwoods, Inc. 401(k) Profit Sharing Plan & Trust against other 401(k) plans on the plan type page, or view plans in Michigan on the state page. PlainRetire tracks the 5,000 largest retirement plans in the U.S. by total assets.