-----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, R3jAATH2+6EDV0BsdLnKVdxyKWQ62xfgTWQJmq0W2oWtCanS62HYqSai9cJBTVWX cgdpD5JO2OAIsAgCedS8Gw== 0000040730-95-000003.txt : 199506280000040730-95-000003.hdr.sgml : 19950628 ACCESSION NUMBER: 0000040730-95-000003 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950627 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [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: 95549439 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 l:\secfiles\11_k\eds_1_94\pr-save.doc2 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, 1994 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 33-54833 -------- EDS PUERTO RICO SAVINGS PLAN ------------------------------- (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: James H. Humphrey Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - 2 FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No. ----------------------------------------------- -------- EDS Puerto Rico Savings Plan: Independent Auditors' Report. . . . . . . . . . . . . . . . . 3 Basic Financial Statements: Statements of Net Assets Available for Benefits, December 31, 1994 and 1993. . . . . . . . . . . . . . . 4 Statements of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 and the Period from July 16, 1993 (Inception) through December 31, 1993 . . . . . . . . . . . . . . . 5 Notes to Financial Statements, December 31, 1994 and 1993 . . . . . . . . . . . . . . . . . . . . . 5 Supplemental schedules: Line 27(a) Schedule of Assets Held for Investment Purposes, December 31, 1994. . . . . . . . . 13 Line 27(d) Schedule of Reportable Transactions for the Year Ended December 31, 1994. . . . . . . . . . 14 Supplemental schedules not listed above are omitted as the required information is not applicable or the information is presented in the financial statements or related notes. (b) EXHIBIT ------- Exhibit 23 Consent of Independent Auditors . . . . . . . . 15 SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees of the EDS Puerto Rico Savings Plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. EDS PUERTO RICO SAVINGS PLAN ---------------------------- (Name of plan) EDS International Corporation Plan Administrator Date June 27, 1995 By ------------- s/Lester M. Alberthal, Jr. -------------------------- (Lester M. Alberthal, Jr., Chairman of the Board, President, and Chief Executive Officer) - 2 - 3 INDEPENDENT AUDITORS' REPORT - ---------------------------- To the Trustees EDS Puerto Rico Savings Plan: We have audited the accompanying statements of net assets available for benefits of the EDS Puerto Rico Savings Plan as of December 31, 1994 and 1993, and the related statements of changes in net assets available for benefits for the year ended December 31, 1994 and the period from July 16, 1993 (Inception) through December 31, 1993. 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 EDS Puerto Rico Savings Plan as of December 31, 1994 and 1993 and the changes in net assets available for benefits for the year ended December 31, 1994 and the period from July 16, 1993 (Inception) through December 31, 1993 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 schedules of assets held for investment purposes and reportable transactions 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 schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. s/KPMG PEAT MARWICK LLP KPMG PEAT MARWICK LLP Dallas, Texas June 15, 1995 - 3 - 4 EDS PUERTO RICO SAVINGS PLAN Statements of Net Assets Available for Benefits December 31, 1994 and 1993 Assets: 1994 1993 -------- -------- Investments (note 4): Income Fund, at contract value (cost, 1994 - $2,044 1993 - $83) $2,044 $83 GM Class E Stock Fund, at fair value (cost, 1994 - $11,408 1993 - $-) 11,628 - Vanguard/Wellington Fund, at fair value (cost, 1994 - $27,043 1993 - $4,635) 26,087 4,553 Vanguard U.S. Growth Portfolio, at fair value (cost, 1994 - $6,002 1993 - $2,297) 6,089 2,290 Vanguard International Growth Portfolio, at fair value (cost, 1994 - $23,654 1993 - $2,351) 23,236 2,491 Vanguard Quantitative Portfolios, at fair value (cost, 1994 - $10,242 1993 - $3,492) 9,676 3,206 Vanguard Money Market Reserves-Prime Portfolio, at fair value (cost, 1994 - $308,055 1993 - $232,803) 308,055 232,803 Loan Fund, at unpaid principal balance, which approximates fair value 4,663 - -------- -------- Total Assets 391,478 245,426 Refund Payable 46,600 - -------- -------- Net assets available for benefits $344,878 $245,426 ======== ======== See accompanying Notes to Financial Statements. - 4 - 5 EDS PUERTO RICO SAVINGS PLAN Statements of Changes in Net Assets Available for Benefits For the Year Ended December 31, 1994 and the Period from July 16, 1993 (Inception) through December 31, 1993 July 16, Year Ended Through December 31, December 31, 1994 1993 ------------ ------------ Additions to net assets attributed to: Investment income: Net depreciation in fair value of investments (note 4) ($1,518) ($235) Interest 11,145 2,256 Dividends 1,336 504 -------- -------- Total 10,963 2,525 Contributions - employees 70,480 41,962 Roll-overs from other plans 29,605 200,939 -------- -------- Total additions 111,048 245,426 Deductions from net assets attributed to withdrawals 11,596 - -------- -------- Net increase 99,452 245,426 Net assets available for benefits at: Beginning of period 245,426 - -------- -------- End of period $344,878 $245,426 ======== ======== See accompanying Notes to Financial Statements. Notes to Financial Statements December 31, 1994 and 1993 1. Description of Plan ------------------- The EDS Puerto Rico Savings Plan (Plan or Trust) (the Plan) became effective July 16, 1993, with employees admitted to the Plan on this date. As used herein, the terms "EDS", "the Company", and "Employer" refer to EDS International Corporation (a wholly owned subsidiary of Electronic Data Systems Corporation which is wholly owned by General Motors Corporation (GM)). The following description of the Plan reflects all Plan amendments and is provided for general purposes only. Participants should refer to the Plan document, as amended, for more complete information. General - The Plan is a qualified profit sharing plan with provisions pursuant to Section 165 of the Puerto Rico Income Tax Act of 1954, as amended (ITA), covering eligible employees of the Company. An employee becomes eligible to participate in the Plan upon the completion of at least one hour of service with the Employer. The Vanguard Fiduciary Trust Company (Vanguard) is the asset custodian and record-keeper for the Plan. Banco Santander is the trustee of the Plan. The Plan's investment activities are managed by the Vanguard Group of Investment Companies. The Plan's Investment Committee has approval and oversight responsibilities for the investment process. - 5 - 6 EDS PUERTO RICO SAVINGS PLAN The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended and the Internal Revenue Code, as amended. The Plan was created to provide additional incentive and retirement security for eligible employees. The Plan has seven investment funds: the Income Fund, which is a fixed income fund; the GM Class E Stock Fund, which consists of GM Class E common stock and a small amount of cash invested in a money market account; the Vanguard Money Market Reserves-Prime Portfolio (Vanguard Money Market), a short-term investment fixed income fund; the Vanguard/Wellington Fund (Vanguard/Wellington), a stock and bond mutual fund; the Vanguard Quantitative Portfolios (Vanguard Quantitative), a growth and income stock mutual fund; the Vanguard U.S. Growth Portfolio (Vanguard U.S.), a growth stock mutual fund; and the Vanguard International Growth Portfolio (Vanguard International), a growth stock mutual fund investing in foreign companies. All of the administrative expenses of the Plan are paid by the Company with the following two exceptions: (1) loan application fees and (2) maintenance fees for non-EDS-employed participants. All investment expenses are paid from the investment funds. Contributions - Each year, contributions to the Plan are made on a pre-tax basis. Participants may elect to defer between one percent and 10 percent of their total compensation subject to a maximum annual contribution of $7,000 and maximum eligible compensation of $150,000 and $235,840 per participant beginning January 1, 1994 and 1993,respectively, and limitations imposed to ensure a fair mix of participation among employees (elective contributions). A participant may elect, up to four times annually, to change his/her designated percentage of pay withheld. Withdrawals - A participant may request a withdrawal of all or a portion of the amount of accumulated voluntary contributions in cases of hardship. Once a participant has exhausted all other available financial resources, including Plan loans, and upon the approval of the Plan Administrator, a participant may then withdraw an amount equal to but not in excess of the expense of the hardship (the "Hardship Withdrawal"). In order to obtain such approval from the Plan Administrator, a participant must demonstrate immediate and heavy financial need. Participants age 59 1/2 or above may request an in-service withdrawal without being subject to an additional 10% tax penalty. The amount of a participant's withdrawals may not be repaid to the Plan. Participant's Individual Account - The Participant's Individual Account is credited with the participant's contributions (including rollovers) and the amounts of participant earnings dictated by the number of units held in each investment fund. The benefit to which a participant is entitled is limited to the amount of the participant's individual account. The participant determines both the amount deferred and the percentage of the investment contributed to one or more of the investment funds. The percentages may be in any whole percentage increment. Vesting - Participants are always 100% vested in their individual accounts and in the earnings received thereon. Payment of Benefits - On termination of service, age 59-1/2, death, or retirement, a participant may elect to receive either a cash distribution for all or part of the value of his/her account, GM Class E common stock (for any amount so invested), or a non-transferable annuity contract purchased on his/her behalf from an insurance company. A participant may elect to receive periodic payments in monthly, quarterly, or semiannual installments or elect to have all or part of his/her account rolled over to another qualified plan or to an individual retirement account. - 6 - 7 EDS PUERTO RICO SAVINGS PLAN Loans - Upon written application of a participant, the Plan Administrator may, at his/her sole discretion, direct the Trustees to make a loan to the participant. The amount of any such loan is limited to fifty percent (50%) of the amount of accumulated elective contributions to which the participant would be entitled if employment was terminated as of the date the loan is made. No loan may be granted for less than $500. The maximum amount of loans available to a participant may not exceed $50,000 reduced by the highest outstanding loan balances from the Plan during the preceding year minus the outstanding loan balances on the date a loan is made. Plan loans and interest must be repaid within five years or upon separation from employment, whichever is earlier. If the outstanding loan is not repaid in full prior to the end of the calendar year during which the participant separates, the amount outstanding will be reported to the Puerto Rico Department of the Treasury as income for that calendar year. The Plan allows only one outstanding loan at any time. At December 31, 1994 and 1993, the interest rate on new loans was eight and one-half percent (8.50%) and six percent (6.00%), respectively. 2. Summary of Significant Accounting Policies ------------------------------------------ Investments - Quoted market prices are used to value investments other than those of the Income Fund and the Loan Fund. Purchases and sales of the GM Class E common stock are recorded on a trade date basis. Investments in the Income Fund are valued at contract value which represents contributions made plus interest at the contract rate. Participant loans are presented in the accompanying financial statements at unpaid principal balance which approximates fair value. Investment Income - Income from investments is recorded as it is earned. Benefits - Benefits are recorded when paid. Contribution Refunds - Refunds of excess participant contributions to be made subsequent to December 31, 1994 under section 415 of the Internal Revenue Code of 1986 (Code) are recorded on an accrual basis. At December 31, 1994, refunds due to participants are allocated as follows: $314 - Income Fund; $4,557 - GM Class E Stock Fund; $3,628 - Vanguard/Wellington Fund; $520 - Vanguard U.S. Growth Portfolio Fund; $11,648 - Vanguard International Growth Portfolio Fund; $3,010 - Vanguard Quantitative Portfolios Fund; and $22,923 - Vanguard Money Market Reserves - Prime Portfolio Fund. 3. Plan Termination ---------------- While it has not expressed any intention to do so, the Company has the right to terminate the Plan at any time by majority vote of its Board of Directors subject to the provisions of ERISA. 4. Investments ----------- The Trustees of the Plan hold the investments of the Plan in trust on behalf of the participants. Consistent with the fiduciary standards of ERISA, safeguards are adhered to in protecting the interests of Plan participants and their beneficiaries. The table on the next page presents the fair value/contract value of the Plan's investments at December 31, 1994 and 1993. Investments that represent five percent (5.00%) or more of the Plan's net assets are separately identified. - 7 - 8 EDS PUERTO RICO SAVINGS PLAN
1994 1993 ------------------------ ------------------------- Number Fair value/ Number Fair value/ of shares contract of shares contract or units value or units value ----------- ------------ ----------- ----------- Income Fund - $2,044 - $83 -------- -------- GM Class E Stock Fund (cost of $11,408 in 1994 706 11,628 - - -------- -------- Vanguard/Wellington (cost of $27,043 in 1994 and $4,635 in 1993) * 1,345 26,087 223 4,553 -------- -------- Vanguard U.S. (cost of $6,002 in 1994 and $2,297 in 1993) 397 6,089 153 2,290 -------- -------- Vanguard International (cost of $23,654 in 1994 and $2,351 in 1993) * 1,730 23,236 184 2,491 -------- -------- Vanguard Quantitative (cost of $10,242 in 1994 and $3,492 in 1993) 622 9,676 195 3,206 -------- -------- Vanguard Money Market* 308,055 308,055 232,803 232,803 -------- -------- Loan Fund (2 loans in 1994, loans outstanding from $1,110 to $3,687 with interest rates from 6% to 7.75% in 1994) - 4,663 - - -------- -------- $391,478 $245,426 ======== ========
*Represents 5% or more of Plan assets. To hedge against adverse foreign currency movements, the Vanguard International Growth Portfolio may enter into contracts for the purchase or sale of a specific foreign currency at a fixed price at a future date. The forward foreign currency rate of the underlying currency and any gains and losses are recorded for financial statement purposes as unrealized until the contract settlement date, at which point they are realized. To hedge against anticipated future changes in interest or security prices, the Vanguard Quantitative Portfolios may utilize futures contracts to a limited extent. The Fund receives from or pays to brokers amounts equal to the daily fluctuations in the values of the contracts. These receipts and payments are recorded as unrealized gains and losses until the contract settlement dates, at which point they are realized. The underlying risk to participants is proportional to each participant's number of shares relative to the total number of shares issued by each mutual fund. 5. Related Party Transactions -------------------------- As stated previously, the GM Class E Stock Fund consists of GM Class E common stock and a small amount of cash invested in a money market account. Additionally, two Vanguard funds consist of investments in various Vanguard managed mutual funds. 6. Income Tax Status ----------------- The Puerto Rico Department of the Treasury has determined and informed the Company by a letter dated October 6, 1993 that the Plan and related trust are designed in accordance with applicable sections of the ITA. Therefore, no provision for income taxes has been included in the accompanying financial statements. - 8 - 9 EDS PUERTO RICO SAVINGS PLAN 7. Allocation of Changes in Plan Assets and Liabilities to Investment Programs --------------------------------------------------------------------------- The following table presents the allocation of changes in net assets available for benefits to investment programs for the year ended December 31, 1994:
Vanguard GM Vanguard International Class E Vanguard/ U.S. Growth Growth Income Stock Wellington Portfolio Portfolio Fund Fund Fund Fund Fund ------------ ---------- ---------- ---------- ------------- Additions to net assets attributed to investment income: Net appreciation (depreciation) in fair value of investments $- $220 ($967) $92 ($567) Interest 45 - - - - Dividends - 33 657 69 280 ------- -------- ------- ------- ------- Total 45 253 (310) 161 (287) Employee contributions 308 1,461 5,420 785 8,040 Roll-overs from other plans 1,316 - 14,325 1,320 3,129 ------- -------- ------- ------- ------- Total additions 1,669 1,714 19,435 2,266 10,882 Deductions from net assets attributed to withdrawals (23) - (225) - (259) Interfund transfers 1 5,357 (1,304) 1,013 (1,526) ------- -------- ------- ------- ------- Net increase 1,647 7,071 17,906 3,279 9,097 Net assets available for benefits at: Beginning of year 83 - 4,553 2,290 2,491 ------- -------- ------- ------- ------- End of year $1,730 $7,071 $22,459 $5,569 $11,588 ======= ======== ======= ======= =======
- 9 - 10 EDS PUERTO RICO SAVINGS PLAN
Vanguard Money Market Vanguard Reserves- Quantitative Prime Portfolios Portfolio Loan Fund Fund Fund Total ------------ ------------- --------- -------- Additions to net assets attributed to investment income: Net appreciation (depreciation) in fair value of investments ($296) $- $- ($1,518) Interest - 10,874 226 11,145 Dividends 297 - - 1,336 --------- -------- -------- -------- Total 1 10,874 226 10,963 Employee contributions 2,163 52,303 - 70,480 Roll-overs from other plans 662 8,853 - 29,605 --------- -------- -------- -------- Total additions 2,826 72,030 226 111,048 Deductions from net assets attributed to withdrawals (88) (8,976) (2,025) (11,596) Interfund transfers 722 (10,726) 6,463 - --------- -------- -------- -------- Net increase 3,460 52,328 4,664 99,452 Net assets available for benefits at: Beginning of year 3,206 232,803 - 245,426 --------- -------- -------- -------- End of year $6,666 $285,131 $4,664 $344,878 ========= ======== ======== ========
- 10 - 11 EDS PUERTO RICO SAVINGS PLAN 7. Allocation of Changes in Plan Assets and Liabilities to Investment Programs (concluded) --------------------------------------------------------------------------------------- The following table presents the allocation of changes in net assets available for benefits to investment programs for the period from July 16, 1993 (Inception) through December 31, 1993:
Vanguard Vanguard International Vanguard/ U.S. Growth Growth Income Wellington Portfolio Portfolio Fund Fund Fund Fund ---------- ----------- ----------- ------------- Additions to net assets attributed to investment income: Net appreciation (depreciation) in fair value of investments $- ($82) ($7) $140 Interest - - - - Dividends - 142 31 14 -------- -------- -------- -------- Total - 60 24 154 Employee contributions 50 754 56 1,394 Roll-overs from other plans - - - - -------- -------- -------- -------- Total additions 50 814 80 1,548 Deductions from net assets attributed to withdrawals - - - - Interfund transfers 33 3,739 2,210 943 -------- -------- -------- -------- Net increase 83 4,553 2,290 2,491 Net assets available for benefits at: Beginning of period - - - - -------- -------- -------- -------- End of period $83 4,553 2,290 2,491 ======== ======== ======== ========
- 11 - 12 EDS PUERTO RICO SAVINGS PLAN
Vanguard Money Market Vanguard Reserves- Quantitative Prime Portfolios Portfolio Fund Fund Total ------------ ------------- -------- Additions to net assets attributed to investment income: Net appreciation (depreciation) in fair value of investments ($286) $- ($235) Interest - 2,256 2,256 Dividends 317 - 504 -------- -------- -------- Total 31 2,256 2,525 Employee contributions 427 39,281 41,962 Roll-overs from other plans - 200,939 200,939 -------- -------- -------- Total additions 458 242,476 245,426 Deductions from net assets attributed to withdrawals - - - Interfund transfers 2,748 (9,673) - -------- -------- -------- Net increase 3,206 232,803 245,426 Net assets available for benefits at: Beginning of period - - - -------- -------- -------- End of period $3,206 $232,803 $245,426 ======== ======== ========
- 12 - 13 EDS PUERTO RICO SAVINGS PLAN Line 27(a)-Schedule of Assets Held for Investment Purposes December 31, 1994 Description of Investment ------------------------------------
Number Rates of of Shares Current Identity of Party Interest or Units Cost Value - --------------------------- --------- ---------- -------- ------------ Income Fund - - $2,044 $2,044 GM Class E Stock Fund* - 706 11,408 11,628 Vanguard/Wellington Fund* - 1,345 27,043 26,087 Vanguard U.S. Growth* Portfolio - 397 6,002 6,089 Vanguard International* Growth Portfolio - 1,730 23,654 23,236 Vanguard Quantitative* Portfolios - 622 10,242 9,676 Vanguard Money Market* Reserves - Prime Portfolio - 308,055 308,055 308,055 Loan Fund* 6% to 7.75% - 4,663 4,663 -------- -------- Total Assets Held for Investment Purposes $393,111 $391,478 ======== ======== * Parties-In-Interest
See accompanying independent auditors' report. - 13 - 14 EDS PUERTO RICO SAVINGS PLAN Line 27(d)-Schedule of Reportable Transactions For The Year Ended December 31, 1994
Current Expense Value of Identity Number Incurred Asset on Net of Party of Purchase Selling Lease with Cost of Transaction Gain or Involved Description of Asset Transactions Price Price Rental Transaction Asset Date (Loss) - -------- ---------------------------- ------------ --------- -------- ------- ----------- -------- ----------- ------- Vanguard Vanguard/Wellington Fund 33 $24,795 $- $- $- $24,795 $24,795 $- (Stock and Bond Fund) 5 - 2,295 - - 2,388 2,295 (93) Vanguard Vanguard Money Market Reserves- Prime Portfolio 44 97,604 - - - 97,604 97,604 - (Money Market Fund) 13 - 22,503 - - 22,503 22,503 - Vanguard Vanguard International Growth 28 23,553 - - - 23,553 23,553 - Portfolio (Stock Fund) 3 - 2,242 - - 2,250 2,242 (8) See accompanying independent auditors' report.
- 14 - EX-23 2 L:\secfiles\11-k\eds_94_1\eds_1_23.doc1 1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS ------------------------------- To the Trustees EDS Puerto Rico Savings Plan: We consent to the incorporation by reference in Registration Statement No. 33-54833 on Form S-8 of General Motors Corporation of our report dated June 15, 1995 relating to the statements of net assets available for benefits of the EDS Puerto Rico Savings Plan as of December 31, 1994 and 1993, and the related statements of changes in net assets available for benefits for the year ended December 31, 1994 and the period from July 16, 1993 (Inception) through December 31, 1993, and the related supplemental schedules, which report appears in the December 31, 1994 annual report on Form 11-K of the EDS Puerto Rico Savings Plan filed by General Motors Corporation. s/KPMG PEAT MARWICK LLP KPMG PEAT MARWICK LLP Dallas, Texas June 27, 1995 - 15 - -----END PRIVACY-ENHANCED MESSAGE-----