-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, FqQ+LZPaJMwuPe5rZxIa0OBVIOP9oA1tnt+H/KyNG9nQu0LCpLsc7VRj1sgiIlCX HzKL+f+fM55y1sv5h/ehLw== 0000040730-94-000011.txt : 19940701 0000040730-94-000011.hdr.sgml : 19940701 ACCESSION NUMBER: 0000040730-94-000011 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: 3711 IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 94536807 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 PERSONAL SAVINGS PLAN l:\secfiles\11-K\gmpsp\hourly.doc3 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549-1004 FORM 11-K X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the fiscal year ended December 31, 1993 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 2-88284 ------- THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES --------------------------------------------- (Full title of the plan) General Motors Corporation 767 Fifth Avenue, New York, New York 10153-0075 3044 West Grand Blvd., Detroit, Michigan 48202-3091 --------------------------------------------------- (Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices) Registrant's telephone number, including area code (313)-556-5000 Notices and communications from the Securities and Exchange Commission relative to this report should be forwarded to: David J. FitzPatrick Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - 2 FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES Page No. ------------------------------------------------------ -------- The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States: Independent Auditors' Report. . . . . . . . . . . . . . . 3 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1993 and 1992 4 Statements of Net Assets Available for Benefits, December 31, 1993 and 1992 . . . . . . . . . . . . . . 6 Notes to Financial Statements . . . . . . . . . . . . . . 8 Supplemental Schedules: Item 27a-Schedule of Assets Held for Investment Purposes, December 31, 1993 . . . . . . . . . . . . . 12 Item 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1993. . . . . . . . . . . . . 13 Supplemental schedules not listed above are omitted because of the absence of the conditions under which they are required. (b) EXHIBIT ------- Exhibit 23 - Consent of Independent Auditors. . . . . . . . . 14 SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the President's Council of General Motors Corporation has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States ----------------------------- (Name of Plan) Date June 29, 1994 By: ------------------- s/John F. Smith, Jr. ------------------------- (John F. Smith, Jr., Chairman President's Council) - 2 - 3 INDEPENDENT AUDITORS' REPORT - ---------------------------- The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States: We have audited the accompanying statements of net assets available for benefits of The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States (the "Plan") as of December 31, 1993 and 1992, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1993 and 1992 and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund is presented for purposes of additional analysis of the basic financial statements rather than to present net assets available for benefits and changes in net assets available for benefits of the individual funds. The supplemental schedules of assets held for investment purposes and reportable transactions for the year ended December 31, 1993 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information by fund and the supplemental schedules are the responsibility of the Plan's management. Such information has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated when considered in relation to the basic financial statements taken as a whole. s/DELOITTE & TOUCHE DELOITTE & TOUCHE Detroit, Michigan June 24, 1994 - 3 - 4 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, 1993
Supplemental Information by Fund ----------------------------------------------------------------------- U.S. Corporation Government Equity Participant Total Common Stocks Income Fund Savings Bonds Index Fund Loans ------------- ------------- ------------- ------------- ----------- ----------- INVESTMENT INCOME: Dividends................... $18,642,495 $12,433,692 $- $- $6,208,803 $- Interest.................... 102,801,519 167,448 93,173,038 6,048 71,679 9,383,306 ------------- ----------- ------------- ---------- ---------- ----------- Total investment income... 121,444,014 12,601,140 93,173,038 6,048 6,280,482 9,383,306 NET APPRECIATION ON ASSETS HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS................ 376,065,565 359,786,185 - 1,050,596 15,228,784 - TAX DEFERRED CONTRIBUTIONS.... 333,505,084 63,631,509 212,312,445 2,643,536 54,917,594 - TRANSFERS BETWEEN INVESTMENT OPTIONS..................... - (205,077,317) 141,393,978 - 38,465,802 25,217,537 DISTRIBUTIONS TO PARTICIPANTS. (111,944,132) (29,858,669) (68,457,792) (916,700) (6,562,144) (6,148,827) ------------- ----------- ------------- ---------- ----------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS DURING THE YEAR............. 719,070,531 201,082,848 378,421,669 2,783,480 108,330,518 28,452,016 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF THE YEAR................. 2,015,824,722 584,047,542 1,096,575,575 15,711,122 169,144,480 150,346,003 ------------- ----------- ------------- ---------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF THE YEAR. $2,734,895,253 $785,130,390 $1,474,997,244 $18,494,602 $277,474,998 $178,798,019 ============= =========== ============= ========== =========== =========== Reference should be made to the Notes to Financial Statements.
- 4 - 5 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, 1992
Supplemental Information by Fund ----------------------------------------------------------------------- U.S. Corporation Government Equity Participant Total Common Stocks Income Fund Savings Bonds Index Fund Loans ------------- ------------- ------------- ------------- ------------ ----------- INVESTMENT INCOME: Dividends................... $25,179,123 $21,233,653 $- $- $3,945,470 $- Interest.................... 88,868,627 144,789 79,145,607 862,908 111,833 8,603,490 ------------- ----------- ------------ ---------- ----------- ----------- Total investment income... 114,047,750 21,378,442 79,145,607 862,908 4,057,303 8,603,490 NET APPRECIATION ON ASSETS HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS. 78,610,419 71,053,081 - - 7,557,338 - TAX DEFERRED CONTRIBUTIONS.... 349,745,751 75,210,069 224,105,363 2,695,432 47,734,887 - TRANSFERS BETWEEN INVESTMENT OPTIONS..................... - (33,636,183) (19,583,357) - 13,760,941 39,458,599 DISTRIBUTIONS TO PARTICIPANTS. (56,288,099) (14,172,301) (38,482,308) (574,731) (2,234,827) (823,932) TRANSFERS TO OTHER QUALIFIED PLANS....................... (567,408) (193,408) (281,294) (3,438) (89,268) - ------------- ----------- ------------ ---------- ----------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS DURING THE YEAR............. 485,548,413 119,639,700 244,904,011 2,980,171 70,786,374 47,238,157 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF THE YEAR................. 1,530,276,309 464,407,842 851,671,564 12,730,951 98,358,106 103,107,846 ------------- ----------- ------------ ---------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF THE YEAR $2,015,824,722 $584,047,542 $1,096,575,575 $15,711,122 $169,144,480 $150,346,003 ============= =========== ============= ========== =========== =========== Reference should be made to the Notes to Financial Statements.
- 5 - 6 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND DECEMBER 31, l993
Supplemental Information by Fund ----------------------------------------------------------------------- U.S. Corporation Government Equity Participant Total Common Stocks Income Fund Savings Bonds Index Fund Loans ------------- ------------- -------------- ------------- ------------- ----------- ASSETS: INVESTMENTS: General Motors common stock, $1-2/3 par value, at quoted market value (13,591,439 shares; cost $517,206,072).. $751,776,470 $751,776,470 $- $- $- $- General Motors Class E common stock, $0.10 par value, at quoted market value (288,645 shares; cost $1,496,528).... 8,460,907 8,460,907 - - - - General Motors Class H common stock, $0.10 par value, at quoted market value (116,674 shares; cost $2,062,525).... 4,564,870 4,564,870 - - - - Guaranteed investment contracts stated at cost plus accumulated interest........ 1,483,210,221 - 1,483,210,221 - - - United States Government Savings Bonds at scheduled redemption value (cost $15,051,413).......... 18,364,259 - - 18,364,259 - - Equity Index Fund at estimated market value (cost $233,050,340)......... 272,873,408 - - - 272,873,408 - Loans to Participants......... 178,798,019 - - - - 178,798,019 ------------- ----------- ------------- ---------- ----------- ----------- Total investments........... 2,718,048,154 764,802,247 1,483,210,221 18,364,259 272,873,408 178,798,019 TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS.... - 8,579,229 (8,321,132) - (258,097) - CASH AND TEMPORARY INVESTMENTS................... 20,974,196 15,876,011 108,155 130,343 4,859,687 - ------------- ----------- ------------- ---------- ----------- ----------- TOTAL ASSETS................ 2,739,022,350 789,257,487 1,474,997,244 18,494,602 277,474,998 178,798,019 LIABILITIES: LOANS OUTSTANDING............... 4,127,097 4,127,097 - - - - ------------- ----------- ------------- ---------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS......................$2,734,895,253 $785,130,390 $1,474,997,244 $18,494,602 $277,474,998 $178,798,019 ============= =========== ============= ========== =========== =========== Reference should be made to the Notes to Financial Statements.
- 6 - 7 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND DECEMBER 31, l992
Supplemental Information by Fund ----------------------------------------------------------------------- U.S. Corporation Government Equity Participant Total Common Stocks Income Fund Savings Bonds Index Fund Loans ------------- ------------- ------------- ------------- ------------ ----------- ASSETS: INVESTMENTS: General Motors common stock, $1-2/3 par value, at quoted market value (17,485,847 shares; cost $622,038,209).. $566,104,297 $566,104,297 $- $- $- $- General Motors Class E common stock, $0.10 par value, at quoted market value (322,416 shares; cost $1,369,320).... 10,579,275 10,579,275 - - - - General Motors Class H common stock, $0.10 par value, at quoted market value (129,053 shares; cost $2,241,800).... 3,282,786 3,282,786 - - - - Guaranteed investment contracts stated at cost plus accumulated interest........ 1,100,660,939 - 1,100,660,939 - - - United States Government Savings Bonds at scheduled redemption value (cost $13,293,721).......... 15,669,849 - - 15,669,849 - - Equity Index Fund at estimated market value (cost $139,906,784)......... 164,783,692 - - - 164,783,692 - Loans to Participants......... 150,345,329 - - - - 150,345,329 ------------- ----------- ------------- ---------- ----------- ----------- Total investments........... 2,011,426,167 579,966,358 1,100,660,939 15,669,849 164,783,692 150,345,329 TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS.... - 4,003,413 (4,123,668) - 120,255 - CASH AND TEMPORARY INVESTMENTS................... 4,398,555 77,771 38,304 41,273 4,240,533 674 ------------- ----------- ------------- ---------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS......................$2,015,824,722 $584,047,542 $1,096,575,575 $15,711,122 $169,144,480 $150,346,003 ============= =========== ============= ========== =========== =========== Reference should be made to the Notes to Financial Statements.
- 7 - 8 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES NOTES TO FINANCIAL STATEMENTS PLAN DESCRIPTION General Motors Corporation (the "Corporation") and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, UAW (the "Union"), on behalf of the employees covered by the Collective Bargaining Agreement, established The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States (the "Plan") effective December 30, 1983. The Finance Committee of the Corporation's Board of Directors acts as the Plan fiduciary and, along with various officers, employees and committees, with authority delegated by the Plan fiduciary, controls and manages the operation and administration of the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Assets of the Plan are held by various investment managers under the direction of a Trustee. The Plan provides eligible hourly-rate employees with pre-tax voluntary savings opportunities. The following brief description of the Plan is provided for general informational purposes only. Refer to the "Complete Text" of the Plan for a comprehensive description (as amended through January 1, 1991). Participation ------------- Hourly-rate employees covered by the Collective Bargaining Agreement described above are eligible to participate in the Plan if they have attained 90 days of seniority. Participation in the Plan is voluntary. Employee Contributions --------------------- Employees may elect to contribute 100% of their Profit Sharing distribution, provided such amount is in excess of the minimum payment, and up to 15% of eligible weekly earnings, up to a limit of $8,994 on a tax deferred basis. In 1992, up to 15% of eligible weekly earnings or $8,728 could be contributed by an employee on a tax deferred basis. These tax deferred contributions are excluded from the employee's taxable income until such amounts are distributed to the employee from the Plan. Newly hired employees may elect to make a rollover contribution from a previous employer's qualified plan. Investment Options ------------------ Employee contributions to the Plan may be invested, in 25% increments, in any of the options that follow. General Motors Common Stock, $1-2/3 par value --------------------------------------------- Under this Investment Option, an employee's savings are invested in General Motors common stock, $1-2/3 par value. Income Fund ----------- Under this Investment Option, the investment manager has agreed to provide the return of an employee's savings and earnings at a specified annual interest rate. The amounts in this fund are managed by several insurance companies. The annual rates of return, contract periods, fund managers, and investment contracts are on the next page. - 8 - 9 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Annual Rate Period of of Contract Fund Investment Contribution Return Period Manager Contracts - ------------ ------- ----------------------------- ------------------- -------------- 1993 6.32% Jan. 1, 1993 to Dec. 31, 1997 Principal Mutual $ 431,897,389* 1992 7.14% Jan. 1, 1992 to Dec. 31, 1996 Metropolitan Life 254,845,059* 1991 8.76% Jan. 1, 1991 to Dec. 31, 1995 Metropolitan Life 179,554,239* 1990 6.39% Jan. 1, 1990 to Dec. 31, 1997 New York Life 138,182,728* 1989 8.57% Jan. 1, 1989 to Dec. 31, 1993 Prudential Ins. Co. 152,658,042* 1988 7.51% Jan. 1, 1992 to Dec. 31, 1996 New York Life 134,858,021* 1987 8.93% Jan. 1, 1991 to Dec. 31, 1995 New York Life 59,568,883 1986 6.39% Jan. 1, 1990 to Dec. 31, 1997 New York Life 80,273,951 1985 9.19% Jan. 1, 1989 to Dec. 31, 1993 Provident National 51,371,909 -------------- $1,483,210,221 ============== *Represents 5% or more of Net Assets Available for Benefits.
The 1992 and 1991 contracts under this option are with Metropolitan Life who served as the Recordkeeper for the Plan through June 30, 1992. Effective July 1, 1992, the recordkeeping function of the Plan was assumed by Bankers Trust Company. United States Government Savings Bonds -------------------------------------- Under this Investment Option, an employee's savings will be invested in United States Government Series EE Savings Bonds. Currently, the Federal government guaranteed the interest rate on the Bonds issued prior to March 1, 1993 at the greater of 6.0% or 85% of the aggregate average return on five-year United States Treasury securities, compounded semi-annually, provided the Bonds are held at least five years from the issue date. Bonds purchased as of March 1, 1993 earn a minimum rate of 4%. Equity Index Fund ----------------- Under this Investment Option, an employee's savings will be invested in a portfolio of common stocks of large companies which operate in a wide variety of industries and market sectors. This portfolio is designed to match the performance of the "Standard and Poor's 500 Index." Vesting ------- Employee contributions and all earnings thereon vest immediately. Distributions ------------- Employees may withdraw their tax-deferred savings after they reach age 59-1/2. Prior to age 59-1/2, only withdrawals due to termination of employment, death, Total and Permanent Disability, or Financial Hardship (as defined in the Plan's "Complete Text") are allowed. In the event a distribution to an employee or his beneficiary cannot be made because the identity or location cannot be determined after reasonable efforts, and the settlement remains undeliverable for a period of one year from the processing date, the assets will be liquidated and deposited into the trust fund. All liability for payment thereof shall thereupon terminate. Any assets liquidated will be (1) paid to the employee or beneficiary if the identity or location is subsequently determined, or (2) applied to reduce reasonable administrative expenses of the Plan. The amounts of distributions payable to Participants included in net assets available for benefits were $6,589,368 and $2,020,662 as of December 31, 1993 and 1992, respectively. Transfers --------- Participants may transfer assets to and from each investment option, other than the United States Government Savings Bonds Investment Option, once each month. Assets valued below $500 can be transferred between funds, provided all assets in the option are transferred. - 9 - 10 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Loans ----- Once each year, employees may borrow from their Plan accounts including current year contributions, except for assets in the United States Government Savings Bonds Investment Option. The amount and term of the loans are limited under the Plan. The loan interest rate will be established once each quarter at a rate equal to the prevailing prime lending rate on all new loans. Interest paid on the loans is credited back to the borrowing employee's account in the Plan. The amount of authorized new but not disbursed loans included in net assets available for benefits were $2,140,233 and $2,019,757 as of December 31, 1993 and 1992, respectively. Termination of The Plan ----------------------- Although it has not expressed any intent to do so, the Corporation has the right to terminate the Plan subject to the provisions of ERISA. Such termination of the Plan, if any, would not affect an employee's interest in assets already in the Plan. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies followed in the preparation of the accompanying financial statements are as follows: o Investments are stated as follows: - Corporation Common Stocks - at market value which has been determined at the mean of the high and low quoted market prices. - Guaranteed Investment Contracts - at cost plus accumulated interest as determined by the investment managers. - United States Government Savings Bonds - at scheduled redemption value. - Equity Index Fund - at the quoted market prices of the assets in the fund as determined by the investment manager. o General Motors common stock, $1-2/3 par value, acquired by the Trustee for purposes of the Plan may be obtained by purchases on the open market or obtained from the Corporation by subscription or purchase. Such stock acquired by the Trustee on the open market is credited to the Participants' accounts at the average per share cost of such purchases (excluding brokerage commissions, transfer taxes, etc.) made for each month. Stock obtained by the Trustee directly from the Corporation is credited to Participants' accounts either at the average per share cost to the Trustee of the open market purchases of the stock acquired for a particular month or, in those months in which the Trustee acquires no stock on the open market, at the average of the daily mean high and low market prices of the stock as reported on the Composite Tape of transactions for such month. o The Plan has an established line of credit with NationsBank of N.C., N.A. in the amount of $37,500,000. This line of credit is held for the purpose of funding participant settlements. All administrative costs and interest associated with the line of credit are paid by the Corporation. As of 12/31/93, the Plan has an outstanding payable to NationsBank in the amount of $4,127,097. o Net appreciation (depreciation) in value of investments held, sold, or distributed represents the change in the market value of the Plan's investments during the year. o Securities transactions are recorded on the dates the trades are executed. o Investment income is recorded in the year earned. - 10 - 11 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STOCK DISTRIBUTIONS Investments in General Motors Class E common stock and Class H common stock resulted from amounts transferred to the Plan from the General Motors Employee Stock Ownership Plan for Hourly-Rate Employees in the United States (the "ESOP"), which terminated on March 31, 1989, and from certain stock distributions declared by the Corporation's Board of Directors and reinvestment of earnings thereon. VOTING RIGHTS Voting rights are extended to Participants in proportion to their ownership interest in Corporation Common Stocks. FEDERAL INCOME TAXES In March 1991, the Plan was determined by the Internal Revenue Service (the "IRS") to be a tax-qualified employee benefit plan, meeting the requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Trust established thereunder was determined to be exempt from United States Federal income taxes under Section 501(a) of the Code. The Plan has been amended since the effective date included in the determination by the Internal Revenue Service. However, the Plan's fiduciary and tax counsel believe that the Plan is designed and currently being operated in compliance with the applicable requirements of the Code. The United States Federal income tax status of the employee with respect to the Plan is described in the Complete Text of the Plan. SUBSEQUENT EVENTS Several modifications have been made to the Personal Savings Plan. The principal modifications, all of which became effective January 1, 1994 unless otherwise indicated, are: . Participants may save up to 18% of eligible earnings on a pre-tax basis; . The definition of "eligible earnings" is expanded to include almost all compensation received from the Corporation, including overtime, night shift, and seven-day premiums. . Participants may invest savings and deferred Profit Sharing distributions in 10% increments. . The $500 minimum amount on transfer of assets is eliminated. . U.S. Savings Bonds are eliminated as an investment option. . A blended rate was adopted for assets invested in the Income Fund in 1994, and rather than being determined annually, the specified annual interest rate will be determined monthly and is expected to be within a range between 5.2% and 5.7%. . The suspension period is eliminated after two age 59-1/2 withdrawals. . Participants are permitted to transfer and withdraw Class E and Class H common stocks independent of GM common stock. . Effective April 1, 1994, a new option, the Balanced Fund, will be added to the existing investment options. . Another new option, "Mutual Funds," will be added to the existing investment options as soon as practicable. * * * * * - 11 - 12 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1993
Current Cost Value -------------- -------------- *General Motors common stock, $1-2/3 par value (13,591,439 shares).......................... $517,206,072 $751,776,470 -------------- -------------- *General Motors Class E common stock, $0.10 par value (288,645 shares)............. 1,496,528 8,460,907 -------------- -------------- *General Motors Class H common stock, $0.10 par value (116,674 shares)............. 2,062,525 4,564,870 -------------- -------------- Insurance Contracts: Fund Manager Contract Rate ---------------------- ---------- ----- Metropolitan Life 12835 7.14% 254,845,059 254,845,059 Metropolitan Life 12014 8.76% 179,554,239 179,554,239 Prudential Ins. Co. GA5590-212 8.57% 152,658,042 152,658,042 New York Life GA06363 7.51% 134,858,021 134,858,021 New York Life GA05999 8.93% 59,568,883 59,568,883 New York Life GA6363-002 6.39% 80,273,951 80,273,951 New York Life GA6363-003 6.39% 138,182,728 138,182,728 Principal Mutual GA4-5451 6.32% 431,897,389 431,897,389 Provident National 027-04418 9.19% 51,371,909 51,371,909 -------------- -------------- Total Insurance Contracts.................. 1,483,210,221 1,483,210,221 -------------- -------------- United States Government Savings Bonds - Series EE at scheduled redemption value...... 15,051,413 18,364,259 -------------- -------------- Equity Index Fund.............................. 233,050,340 272,873,408 -------------- -------------- Loans to Participants.......................... 178,798,019 178,798,019 -------------- -------------- Total Investments.............................. $2,430,875,118 $2,718,048,154 ============== ============== *Party-in-Interest
- 12 - 13 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Item 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993 SERIES REPORTABLE TRANSACTIONS
Column A Column B Col C Col D Column E Column F Column G - -------------- ----------------- ------ ------ ------------ ------------ ---------- Total Total Identity of No. of No. of Dollar Value Dollar Value Net Gain Party/Broker Description Purch. Sales of Purchases of Sales (Loss) - --------------- ----------------- ------ ------ ------------ ------------ ---------- $ $ $ Morgan Guaranty General Motors common stock, $1-2/3 par value 37 - 237,187,842 - - *Bankers Trust General Motors common stock, $1-2/3 par value - 106 - 404,392,212 57,852,299 Wells Fargo Money Market Fund 33 23 85,728,902 88,733,594 - New York Life Investment Insurance Co. Income Contract 6.39% 25 36 150,848,394 13,041,217 - Principal Mutual Investment Income Contract 6.32% 95 13 500,922,692 70,152,154 - *Party-in-Interest.
- 13 - EX-23 2 EXHIBIT23 l:\secfiles\11-k\gmpsp23.doc1 1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in Registration Statement No. 33- 37736 of General Motors Corporation on Form S-8 of our report dated June 24, 1994 appearing in this Annual Report on Form 11-K of The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States for the year ended December 31, 1993. s/DELOITTE & TOUCHE DELOITTE & TOUCHE Detroit, Michigan June 29, 1994 - 14 - -----END PRIVACY-ENHANCED MESSAGE-----