-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FYST53uekpFo/7FQO85iKw15xzIhuKZVQhyA3MJbgFwTZHtz07ZPlBS5KJEApQwi b+paB1fxP4gfCsy2h5dtgA== 0000040730-96-000007.txt : 19960629 0000040730-96-000007.hdr.sgml : 19960629 ACCESSION NUMBER: 0000040730-96-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960627 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: 96586928 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10153-0075 BUSINESS PHONE: 3135565000 11-K 1 l:\secfiles\11-K\1995\gmpsp_95\hourly.doc20 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, 1995 ----------------- 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: James H. Humphrey Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No. ---------------------------------------------------------- -------- The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States: Independent Auditors' Report. . . . . . . . . . . . . . . 3 Statements of Net Assets Available for Benefits, as of December 31, 1995 and 1994 . . . . . . . . . . . . . . 4 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1995 and 1994 5 Notes to Financial Statements . . . . . . . . . . . . . . 6 Supplemental Schedules: Line 27a-Schedule of Assets Held for Investment Purposes as of December 31, 1995. . . . . . . . . . . 17 Line 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1995. . . . . . . . . . . . . 19 Supplemental schedules not listed above are omitted because of the absence of the conditions under which they are required. (b) EXHIBIT ------- Exhibit 23 - Independent Auditors' Consent . . . . . . . . . . 20 SIGNATURE 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 27, 1996 By: ------------------- /s/John F. Smith, Jr. ------------------------- (John F. Smith, Jr., Chairman President's Council) - 2 - 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, 1995 and 1994, 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, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1995 and (2) reportable transactions for the year ended December 31, 1995, 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. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 1995 financial statements and, in our opinion, are fairly stated in all material repects when considered in relation to the basic financial statements taken as a whole. /s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 10, 1996 - 3 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, l995 AND 1994
1995 1994 ------------ ------------ (Dollars in Thousands) ASSETS: Investments, at fair value (Note A): Value of interest in General Motors Savings Plans Master Trust (Note C) $1,500,282 $ - Mutual funds 389,093 - Common/Collective Trust - Fixed Income Fund 140,988 - Cash - 43,288 General Motors Common Stock Funds: $1-2/3 par value - 925,895 Class E, $0.10 par value - 10,330 Class H, $0.10 par value - 3,814 The General Motors Balanced Fund Master Trust (Note C) - 12,085 Commingled Funds - Equity Index Fund - 310,685 Participant Loans 287,372 233,605 --------- --------- 2,317,735 1,539,702 Investments, at contract value (Note A) Investment contracts 1,475,328 1,530,415 --------- --------- Total investments 3,793,063 3,070,117 --------- --------- Due from broker for securities sold 207,484 Accrued investment income 10,430 242 --------- --------- Total assets 4,010,977 3,070,359 LIABILITIES: Due to broker for securities purchased 12,302 14,680 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $3,998,675 $3,055,679 ========= ========= Reference should be made to the Notes to Financial Statements.
- 4 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
1995 1994 ------------ ------------- (Dollars in Thousands) ADDITIONS: Investment income (loss): Net appreciation (depreciation) in fair value of investments $19,392 ($215,531) Dividends 19,750 22,689 Interest 124,415 112,723 Net investment earnings from the General Motors Savings Plans Master Trust (Note C) 376,388 - Net investment earnings from the General Motors Balanced Fund Master Trust (Note C) - 68 --------- --------- Total investment income (loss) 539,945 (80,051) --------- --------- Contributions: Employer 1,829 721 Participants' 571,698 517,495 --------- --------- Total Contributions 573,527 518,216 --------- --------- Total additions 1,113,472 438,165 DEDUCTIONS - DISTRIBUTIONS TO PARTICIPANTS (170,476) (117,381) --------- --------- NET INCREASE 942,996 320,784 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 3,055,679 2,734,895 --------- --------- End of year $3,998,675 $3,055,679 ========= ========= Reference should be made to the Notes to Financial Statements.
- 5 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1995 AND 1994 A. THE PLAN GENERAL - General Motors Corporation (the "Corporation") and certain unions established The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States (the "Plan"), a defined contribution plan, effective December 30, 1983. Hourly employees of the Corporation, hired under a competitive hire agreement, adopted the Plan with certain modifications effective January 1, 1994. Generally, eligible hourly-rate employees may participate and accumulate savings under the Plan on the first day of the first pay period next following the attainment of seniority, as defined in the Plan. 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 from 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). The following brief description of the Plan is provided for general informational purposes only. Participants should refer to the Plan document and prospectus for a complete description of the Plan's provisions. PARTICIPANT CONTRIBUTIONS - An eligible participant employed by the Corporation (an"Eligible Employee") may elect to make pre-tax contributions, in 1% increments, up to 18% of eligible weekly earnings as defined in the Plan up to the maximum IRS 401(k) limit. In addition, an Eligible Employee may elect to contribute, in 10% increments, up to 100% of his or her profit sharing distribution from The General Motors Profit Sharing Plan for Hourly-Rate Employees to his or her account in the Plan. Profit sharing amounts contributed to the Plan on behalf of an Eligible Employee are invested in the same investment option(s) as selected by the participant for weekly contributions to the Plan. Employee contributions vest immediately. EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1, 1994, the Corporation contributes an amount equal to 8% of eligible weekly earnings to such participants' accounts in the form of the Corporation's $1-2/3 par value common stock. Such participants must be in the Plan for at least three years to be vested in assets acquired with employer contributions, at which time such assets may be transferred by the participant to other available investment options. Forfeitures are used to offset future employer contributions. FUND EXCHANGES - Generally, each participant is entitled on any business day to exchange a specified portion or all of his or her interest in any of the investment options to other options offered under the Plan, subject to the provisions in the paragraph above. PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account at any time after attaining age 59-1/2. Prior to age 59-1/2, employee tax deferred savings may only be withdrawn because of termination of employment, death, total and permanent disability, or financial hardship. Prior to receiving a withdrawal for financial hardship, a participant previously must have taken all available asset distributions, withdrawals, and loans under all applicable plans maintained by the Corporation. The amount that may be withdrawn for a financial hardship is limited as defined in the Plan. The funds that represent a hardship distribution must conform to conditions required by the Internal Revenue Service. A participant who receives a hardship distribution shall have his or her contributions to the Plan suspended for 12 months following the distribution as required by law. INVESTMENT OPTIONS - The participants must direct, in 10% increments, how their contributions are to be invested. A description of each investment option offered under the Plan follows: - 6 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES General Motors $1-2/3 Par Value Common Stock Fund - Under this investment options, contributions are invested by the Trustee primarily in General Motors common stock, $1-2/3 par value. The return on investment will be determined by the market price of the General Motors common stock, the amount of any dividends paid thereon, and by interest earned on short-term investments held by each fund. Each participant directs the Trustee how to vote common stock shares allocated to his or her account. The Trustee will not exercise voting rights with respect to those shares for which a direction has not been received by the required deadline. As of January 1, 1995, assets invested in the GM $1-2/3 par value Common Stock Fund are expressed in terms of units and not shares of stock. Each unit represents a proportionate interest of all the assets invested in the Fund. The number of units credited to a participant's account will be determined by the amount of the participant's contributions and the purchase price of each unit in the GM $1-2/3 par value Common Stock Fund. The value of each participant's account is determined each business day by the number of units to the participant's credit, multiplied by the current unit value. Investments in General Motors Class E common stock and Class H common stock resulted from assets transferred to the Plan from the General Motors Employee Stock Ownership Plan for Hourly-Rate Employees in the United States which terminated on March 31, 1989, and from certain stock dividends declared by the Corporation's Board of Directors and the reinvestment of any related earnings thereon. Income Fund - Funds are invested in investment contracts issued by insurance companies. The issuing companies have agreed to provide this fund with a net fixed or floating contract interest rate that is to be earned over a specified period and payment of principal and interest upon participant initiated withdrawals and/or transfers of assets. In addition to the investment contracts, the Income Fund also invests in a short-term fixed income portfolio (the "Fixed Income Fund") which invests in U.S. Government debt obligations and cash. The fair value of the Fixed Income Fund was approximately $140,988,000 at December 31, 1995. - 7 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES The annual rates of return, maturity dates, issuing company and investment contract balances at December 31, 1995 and 1994, respectively, are as follows: Contract Contract Value as Value as Annual Rate Maturity of of of Return Date Issuing Company 12/31/95 12/31/94 - ----------- ---------- ----------------- -------------- -------------- (Dollars in Thousands) Variable N/A Metropolitan Life* $212,085 $200,110 Variable N/A Metropolitan Life* 105,087 99,781 Variable N/A New York Life* 210,732 200,060 Variable N/A New York Life 101,590 - 6.32% 12/31/97 Principal Mutual 204,758 243,359 7.14% 12/31/96 Metropolitan Life 187,749 216,899 8.76% 12/31/95 Metropolitan Life - 171,559 6.39% 12/31/97 New York Life 113,832 132,245 7.51% 12/31/96 New York Life 112,607 130,930 8.93% 12/31/95 New York Life - 58,283 6.39% 12/31/97 New York Life 66,520 77,189 6.13% N/A John Hancock* 79,920 - 6.14% 6/30/99 John Hancock 80,448 - --------- --------- Total $1,475,328 $1,530,415 ========= ========= *Individual Separate Account. The average yield on guaranteed investment contracts in the Income Fund was 8.17% and 6.68% for the years ended December 31, 1995 and 1994, respectively. Contract value of investment contracts in the Income Fund approximates fair value as of December 31, 1995. Equity Index Fund - Under this investment option, contributions are invested in a portfolio of common stocks managed by an investment manager. The investment manager maintains a portfolio which is designed to match the performance of the Standard & Poor's 500 Index. This Index is a broad-based index of large companies which operate in a wide variety of industries and market sectors and which represent over two-thirds of the market capitalization of all publicly traded common stocks in the United States. Assets invested in the Equity Index Fund are expressed in terms of units. The number of units credited to a participant's account will be determined by the amount of pre-tax contributions and the purchase price of each unit in the Equity Index Fund. The value of each participant's account is determined each business day by the number of units to the participant's credit, multiplied by the current unit value. Balanced Fund - Under this investment option, initially made available to Plan participants on April 1, 1994, contributions are invested in equity and fixed income investments selected from opportunities available in the entire global capital market, including large and small capitalization common stocks, investment and non-investment grade bonds, convertible securities, real estate, emerging market investments, and venture capital, and may be issued by U.S. or non-U.S. issuers. From time to time, investment managers may use derivative financial instruments including forward exchange contracts and futures contracts. Derivative instruments are used primarily to mitigate exposure to foreign exchange rate and interest rate fluctuations as well as manage the investment mix in the portfolio. The Program's interest in Funds which utilize such financial instruments is not considered significant to the Plan's financial statements. - 8 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Assets invested in the Balanced Fund are expressed in terms of units and are valued in the same manner as noted above for the Equity Index Fund. Mutual Funds - This investment option, initially made available to plan participants on January 1, 1995, is comprised of many different mutual funds managed by Fidelity Investments. Each mutual fund has a different objective and investment strategy. To pursue their objectives, the mutual fund managers invest in a wide variety of investments. Complete information about each mutual fund's objectives and investments is contained in that fund's prospectus. PARTICIPANT LOANS - Once each year, eligible participants may borrow from their plan accounts. 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 as of the last business day of the previous quarter. Interest paid on the loans is credited back to the borrowing participant's account in the Plan. Loans not repaid within the maximum loan term are deemed to be distributions from participants' accounts. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies followed in the preparation of the accompanying financial statements are as follows: oThe financial statements of the Plan are prepared under the accrual method of accounting. oInvestments are stated at fair value, except for investment contracts, which are stated at contract value. Fair values are calculated by reference to published market quotations, where available; where not available, various bases, including cost, are used in determining estimates of fair values. Contract value represents contributions made under the investment contracts, plus interest, less withdrawals or administrative expenses charged by the issuer of the contract. oSecurity transactions are recorded on the trade date. oInvestment income is recognized as earned based on the terms of the investments and the periods during which the investments are owned by the Plan. oCertain costs of Plan administration are paid by the Corporation. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. C. THE MASTER TRUSTS In December 1994, the Corporation established the General Motors Savings Plans Master Trust (the "Master Trust") pursuant to a trust agreement among the Corporation, Saturn Corporation and State Street Bank and Trust, as trustee of the funds, in order to permit the commingling of trust assets of several employee benefit plans for investment and administrative purposes. The assets of the Master Trust are held by State Street Bank and Trust. - 9 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Employee benefit plans participating in the Master Trust include the following: o General Motors Savings-Stock Purchase Program for Salaried Employees in the United States o General Motors Personal Savings Plan for Hourly-Rate Employees in the United States o Saturn Individual Savings Plan for Represented Members o Saturn Personal Choices Savings Plan for Non-Represented Members The Master Trust is composed of five commingled master trust investment options: the GM $1-2/3 Common Stock Fund, the GM Class H Common Stock Fund, the GM Class E Common Stock Fund, the Equity Index Fund and the Balanced Fund. Each of these investment options is described in Note A. Each participating employee benefit plan has an undivided interest in the net assets and changes therein of each of the five master trust investment options. The net investment income of each of the Master Trust investment funds is allocated by the trustee to each participating plan based on that plan's interest in each Master Trust investment fund, as compared with the total interest in each Master Trust investment fund of all the participating plans at the beginning of the month. As of December 31, 1995, the Program had approximately a 20% interest in the Master Trust. - 10 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES The net assets available for benefits of all participating plans in the Master Trust at December 31, 1995 are summarized as follows (dollars in thousands): ASSETS: Investments, at fair value: Common Stock: General Motors $1-2/3 par value $4,696,965 General Motors Class E, $0.10 par value 759,539 General Motors Class H, $0.10 par value 261,927 Other Corporate 11,666 U.S. Government Securities 33 Common/Collective Trusts 1,612,315 Cash 103,410 --------- Total investments 7,445,855 Receivables: Due from broker for investments sold 13,152 Accrued investment income 1,591 --------- Total receivables 14,743 --------- Total assets $7,460,598 ========= Liabilities - Due to broker for securities purchased (186) --------- Net assets available for benefits $7,460,412 ========= The total investment earnings of all participating plans in the Master Trust for the year ended December 31, 1995 is summarized as follows (dollars in thousands): Interest $9,570 Dividends 125,249 Net appreciation in fair value of investments: Common stocks 1,296,102 U.S. Government securities 109 Common/collective trust 405,995 Registered investment company 9,301 ---------- Total net appreciation in fair value of investments 1,711,507 ---------- Total investment earnings $1,846,326 ========== In 1994, the Corporation established a Master Trust agreement for the assets of the Balanced Fund. The General Motors Balanced Fund Master Trust (the "Balanced Fund Master Trust") permitted the commingling of Balanced Fund assets among participating plans. Effective January 1, 1995, such Balanced Fund Master Trust assets became a part of the Master Trust assets. As of December 31, 1994, the Plan had approximately a 21% interest in the Balanced Fund Master Trust. The net asset value of the Balanced Fund Master Trust was calculated on a semi-monthly basis and was allocated to each participating plan based on the plan's interest in the Balanced Fund Master Trust, as compared with the total interest in the Balanced Fund Master Trust of all the participating plans. - 11 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES The assets of the Balanced Fund Master Trust at December 31, 1994 are summarized as follows (dollars in thousands): Equity investments $8,145 Fixed income investments 996 Commingled trust funds: Pooled corporate obligations 13,305 Pooled common stock 15,751 Pooled multi-asset portfolio 19,319 Short-term investments and other assets, net 917 ------ Total $58,433 ====== The Balanced Fund Master Trust's total investment return for the year ended December 31, 1994 is summarized as follows (dollars in thousands): Interest $111 Dividends 319 Commingled trust funds 347 Net depreciation in fair value of investments (868) ------ Total Investment Loss ($91) ====== D. FUND INFORMATION Contributions, investment income and distributions to participants by fund are as follows for the years ended December 31, 1995 and 1994. Mutual fund investment options which individually comprise less than 5% of the Plan's total net assets available for benefits have been combined. 1995 1994 ------------ ----------- (Dollars in Thousands) Participant Contributions: GM Savings Plans Master Trust $190,041 $ - Income Fund 301,027 315,018 Mutual Funds 80,630 - GM Corporation Common Stock Fund - 103,213 Balanced Fund - 4,728 Equity Index Fund - 94,536 ------- ------- Total $571,698 $517,495 ======= ======= Employer Contributions: GM Savings Plans Master Trust $ 1,829 $ - GM Corporation Common Stock Fund - 721 ------- ------- Total $ 1,829 $ 721 ======= ======= - 12 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES 1995 1994 ------------ ----------- (Dollars in Thousands) Investment income: Interest and Dividends GM Savings Plans Master Trust $31,309 $ - Income Fund 122,907 111,909 Mutual Funds 21,258 - GM Corporation Common Stock Fund - 15,031 Balanced Fund - 88 Equity Index Fund - 8,452 ------- ------- Total $175,474 $135,480 ------- ------- Net appreciation (depreciation) in fair value of investments GM Savings Plans Master Trust 345,079 - Mutual Funds 19,392 - GM Corporation Common Stock Fund - (210,896) Balanced Fund - - Equity Index Fund - (4,777) U.S. Government Savings Bond Fund - 142 ------- ------- Total 364,471 (215,531) ------- ------- Total investment income (loss) $539,945 ($80,051) ======= ======= Distribution to Participants: GM Savings Plans Master Trust ($49,842) $ - Income Fund (103,603) (76,340) Mutual Funds (12,155) - GM $1-2/3 par value Common Stock Fund - (27,797) Balanced Fund - (194) Equity Index Fund - (8,597) U.S. Government Savings Bond Fund - (127) Participant Loans (4,876) (4,326) ------- ------- Total ($170,476) ($117,381) ======= ======= E. 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 a participant's interest in assets already in the Plan. F. 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 IRS. 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, and therefore no provision for income taxes has been included in the Plan's financial statements. - 13 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES G. PARTICIPANT UNIT DATA FOR THE YEAR ENDED DECEMBER 31, 1995
GENERAL MOTORS SAVINGS PLANS MASTER TRUST -------------------------------------------------------------------- GM GM GM $1-2/3 Par Class E Class H Common Stock Common Stock Common Stock Balanced Equity Index Fund Fund Fund Fund Fund ----------- ----------- ---------- --------- ------------ (Units in Thousands) Quarter ended March 31 Plan number of units outstanding 9,590 100 37 1,409 30,830 Net asset value per unit $104.11 $100.63 $116.92 $10.56 $10.97 Quarter ended June 30 Plan number of units outstanding 9,031 87 36 1,474 32,137 Net asset value per unit $110.81 $112.57 $112.66 $11.22 $12.02 Quarter ended September 30 Plan number of units outstanding 8,505 91 34 1,580 33,368 Net asset value per unit $111.62 $118.11 $117.20 $11.85 $12.98 Quarter ended December 31 Plan number of units outstanding 7,742 87 32 1,752 35,173 Net asset value per unit $126.37 $134.71 $139.41 $12.41 $13.76
- 14 - THE GENERAL MOTORS PERSONAL SAVINGS FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES G. PARTICIPANT UNIT DATA - Concluded FOR THE YEAR ENDED DECEMBER 31, 1994 GM Balanced Fund Equity Index Master Trust Fund ------------- ----------- Quarter ended March 31 Plan number of units outstanding - 1,405 Net asset value per unit $ - $214.50 Quarter ended June 30 Plan number of units outstanding 114 1,418 Net asset value per unit $100.27 $215.35 Quarter ended September 30 Plan number of units outstanding 151 1,465 Net asset value per unit $102.73 $225.98 Quarter ended December 31 Plan number of units outstanding 138 1,387 Net asset value per unit $101.57 $225.78 Effective January 1, 1995, the Plan remeasured the bases used to determine the number of units outstanding for the Balanced Fund and Equity Index Fund. * * * * * * - 15 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES H. SUBSEQUENT EVENTS The following modifications were made to the Program subsequent to December 31, 1995: o The Corporation announced in 1995 its intention to split-off its Electronic Data Systems ("EDS") wholly-owned subsidiary, subject to which all GM Class E Common Stock would be exchanged for EDS Common Stock. Effective June 7, 1996, the split-off was consummated and as a result of the split-off, the GM Class E Common Stock Fund was changed to the EDS Common Stock Fund. The EDS Common Stock Fund will be eliminated in five years, during which time no new contributions, loan repayments or exchanges into the EDS Common Stock Fund will be permitted. Dividends, if any, paid on EDS Common Stock held by the Program will be invested in the Income Fund investment option prior to allocation to participant accounts. - 16 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1995
Current Description of Investment Cost Value - ------------------------------------------------ -------------- ------------- (Dollars in Thousands) Value of Interest in General Motors *Savings Plan Master Trust $1,113,826 $1,500,282 Fixed Income Fund 140,988 140,988 *Loan Fund - 287,372 *Fidelity Mutual Funds: Mutual Fund ---------------------------- Fidelity 3,961 4,189 Puritan 16,216 17,218 Trend 1,449 1,312 Magellan 67,391 68,815 Contra Fund 35,982 37,063 Equity Income 10,128 10,856 Growth Company 11,743 12,194 Investment Grade 3,740 3,877 Growth & Income 16,552 18,175 Value 17,445 19,067 Government Securities 4,185 4,359 Retirement Growth 8,552 8,757 OTC Portfolio 7,941 8,021 Overseas 5,531 5,822 Europe 1,700 1,765 Pacific Basin 3,865 3,928 Real Estate 1,228 1,293 Balanced Fund 4,852 5,041 International Growth & Income 1,809 1,895 Capital Appreciation 1,949 1,924 Convertible Securities 1,758 1,768 Canada 947 1,046 Utilities 5,217 5,632 Blue Chip 63,316 65,298 Asset Manager 5,039 5,498 Disciplined Equity 4,248 4,189 Worldwide 4,923 5,043 Equity Income II 34,940 37,757 Stock Selector 6,406 6,380 Asset Manager - Growth 3,583 3,975 Diversified International 1,588 1,665 Asset Manager - Income 876 917 Dividend Growth 5,068 5,155 Fidelity Global Balanced 352 381 Fidelity Small Cap Stock 6,219 5,972 Global Bond 738 750 Fidelity Fifty 2,081 2,096 ---------------------------- ------- ------- Total Mutual Funds 373,518 389,093 -------------------------------------------------------------------------------
- 17 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1995 Continued
Current Description of Investment Cost Value - --------------------------------------------------------------- -------------- ------------- (Dollars in Thousands) Investment Contracts: Maturity Issuing Company Date Contract Rate ------------------ ---------- ----------- ------- Principal 12/31/97 GA405451 6.32% 204,758 204,758 Metropolitan Life N/A GA13653 Variable 212,085 212,085 Metropolitan Life 12/31/96 GA12835 7.14% 187,749 187,749 Metropolitan Life N/A GA13635 Variable 105,087 105,087 New York Life** N/A GAO6867 Variable 210,732 210,732 New York Life N/A GA30331 6.30% 101,590 101,590 New York Life 12/31/96 GA06363 6.39% 112,607 112,607 New York Life 12/31/97 GA06363002 8.45% 66,520 66,520 New York Life 12/31/97 GA06363003 6.39% 113,832 113,832 John Hancock N/A GA7921SA86 6.13% 79,920 79,920 John Hancock 6/30/99 GAC7878SA85 6.14% 80,448 80,448 --------- --------- Total Investment Contracts 1,475,328 1,475,328 --------- --------- Total Investments $3,103,660 $3,793,063 ========= ========= *Party-in-Interest **Individual Separate Account
- 18 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995 (Dollars in Thousands)
Purchases Sales --------- --------------------------------------- Identity of Purchase Sales Original Net Gain Party/Broker Description of Asset Price Price Cost (Loss) - ------------ -------------------------------- --------- ------- ------------ ------------ SERIES REPORTABLE TRANSACTIONS ------------------------------ State Street Bank Fixed Income Fund $529,685 $388,697 $388,697 - and Trust (158 purchases, 115 sales) Metropolitan Life Investment Contract No. 12014 12,637 184,197 184,197 - Insurance Co. (12 purchases, 14 sales) Metropolitan Life Investment Contract No. GA13653 4,806 104,588 104,588 - Insurance Co. (10 purchases, 1 sale) Metropolitan Life Investment Contract No. GA13635 105,087 - - - Insurance Co. (2 purchases, 0 sales) New York Life Investment Contract No. GA06867 210,732 186,320 186,320 - Asset Management. (12 purchases, 1 sale) New York Life Investment Contract No. GA30331 101,590 - - - (6 purchases, 0 sales) Fidelity Investments Magellan Fund 87,926 21,540 20,645 895 (225 purchases, 214 sales) SINGLE REPORTABLE TRANSACTIONS ------------------------------ Metropolitan Life Investment Contract No. 12014 - 155,625 155,625 - Insurance Co. - Maturity New York Life Investment Contract No. GA06867 - Maturity - 186,321 186,321 -
- 19 - EX-23 2 l:\secfiles\11-k\1995\gmpsp23.doc1 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-56753 of General Motors Corporation on Form S-8 of our report dated June 10, 1996 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, 1995. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 25, 1996 - 20 - -----END PRIVACY-ENHANCED MESSAGE-----