-----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, h2KE7Xrr/bSsoNrwjgj7h51WfbNDUiwWmSa4rL1OpyOMyJ11ONGigswLN4fCsGI4 LtydqAgDvfdGDOEIoqGRDQ== 0000040730-95-000007.txt : 199506290000040730-95-000007.hdr.sgml : 19950629 ACCESSION NUMBER: 0000040730-95-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950628 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: 95550300 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 l:\secfiles\11-K\gmpsp_94\hourly.doc14 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 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 - 2 FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION BY FUND 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, 1994 and 1993 . . . . . . . . . . . . . . 4-5 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1994 and 1993 6-7 Notes to Financial Statements . . . . . . . . . . . . . . 8-12 Supplemental Schedules: Line 27a-Schedule of Assets Held for Investment Purposes, December 31, 1994 . . . . . . . . . . . . . 13 Line 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1994. . . . . . . . . . . . . 14 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 . . . . . . . . . . 15 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 28, 1995 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, 1994 and 1993, 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, 1994 and 1993, 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, 1994 and (2) reportable transactions for the year ended December 31, 1994, 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 in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for the purpose of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of the individual funds, and is not a required part of the basic financial statements. The supplemental schedules and supplemental information by fund are the responsibility of the Plan's management. Such supplemental schedules and supplemental information by fund have been subjected to the auditing procedures applied in our audits of the basic 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 2, 1995 - 3 - 4 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 AS OF DECEMBER 31, l994
Supplemental Information by Fund ----------------------------------------------------------------------- General Motors Corporation Balanced Equity Total Common Stock Income Fund Fund Index Fund Loan Fund ------------- ------------- ------------- ------------- ------------ ----------- ASSETS: Investments, at fair value (Note A): General Motors Common Stock: $1-2/3 par value* $925,895,021 $925,895,021 $- $- $- $- Class E, $0.10 par value 10,330,208 10,330,208 - - - - Class H, $0.10 par value 3,814,379 3,814,379 - - - - The General Motors Balanced Fund Master Trust (Note C) 12,084,432 - - 12,084,432 - - Commingled Funds - Equity Index Fund* 310,684,593 - - - 310,684,593 - Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 43,288,003 38,817,160 49,392 1,914,886 2,506,565 - Loans to participants* 233,605,074 - - - - 233,605,074 ------------- ----------- ------------- ---------- ----------- ----------- 1,539,701,710 978,856,768 49,392 13,999,318 313,191,158 233,605,074 Investments, at contract value (Note A): Investment contracts 1,530,414,830 - 1,530,414,830 - - - Accrued Investment Income 242,337 197,305 12,853 7,464 24,715 - ------------- ----------- ------------- ---------- ----------- ----------- Total assets 3,070,358,877 979,054,073 1,530,477,075 14,006,782 313,215,873 233,605,074 LIABILITIES: Due to broker for securities purchased 14,680,315 14,680,315 - - - - ------------- ----------- ------------- ---------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $3,055,678,562 $964,373,758 $1,530,477,075 $14,006,782 $313,215,873 $233,605,074 ============= =========== ============= ========== =========== =========== *Represents 5% or more of net assets available for benefits. 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 NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND AS OF DECEMBER 31, l993
Supplemental Information by Fund ----------------------------------------------------------------------- U.S. General Motors Government Corporation Savings Equity Total Common Stock Income Fund Bonds Fund Index Fund Loan Fund ------------- ------------- -------------- ------------- ------------- ----------- ASSETS: Investments, at fair value (Note A): General Motors Common Stock: $1-2/3 par value* $751,776,470 $751,776,470 $- $- $- $- Class E, $0.10 par value 8,460,907 8,460,907 - - - - Class H, $0.10 par value 4,564,870 4,564,870 - - - - United States Government Savings Bonds 18,364,259 - - 18,364,259 - - Commingled Funds - Equity Index Fund* 272,873,408 - - - 272,873,408 - Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 20,974,196 15,876,011 108,155 130,343 4,859,687 - Loans to Participants* 178,798,019 - - - - 178,798,019 ------------- ----------- ------------- ---------- ----------- ----------- 1,255,812,129 780,678,258 108,155 18,494,602 277,733,095 178,798,019 Investments, at contract value (Note A): Investment contracts 1,483,210,221 - 1,483,210,221 - - - ------------- ----------- ------------- ---------- ----------- ----------- Total assets 2,739,022,350 780,678,258 1,483,318,376 18,494,602 277,733,095 178,798,019 LIABILITIES: Loans Outstanding 4,127,097 4,127,097 - - - - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS.... - 8,579,229 (8,321,132) - (258,097) - ------------- ----------- ------------- ---------- ----------- ----------- 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 ============= =========== ============= ========== =========== =========== *Represents 5% or more of net assets available for benefits. 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 CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, 1994
Supplemental Information by Fund --------------------------------------------------------------------------------- - ---- U.S. General Motors Government Corporation Savings Bonds Balanced Equity Total Common Stock Income Fund Fund Fund Index Fund Loan Fund ------------- ------------- ----------- ------------- ----------- ------ - ---- --------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net (depreciation) appreciation in fair value of investments ($215,530,806)($210,895,365) $- $141,543 $- ($4,776,984) $- Dividends 22,689,241 14,247,275 - - - 8,441,966 - Interest 112,722,807 783,371 100,423,915 - 20,272 9,883 11,485,366 Net investment income from The General Motors Balanced Fund Master Trust (Note C) 68,047 - - - 68,047 - - ------------- ----------- ------------- ---------- ----------- ---------------------- (80,050,711) (195,864,719) 100,423,915 141,543 88,319 3,674,865 11,485,366 ------------- ----------- ------------- ---------- ----------- ---------------------- Contributions: Employer 720,400 720,400 - - - - - Participants' 517,494,576 103,213,180 315,017,767 - 4,728,035 94,535,594 - ------------- ----------- ------------- ---------- ----------- ---------------------- 518,214,976 103,933,580 315,017,767 - 4,728,035 94,535,594 - ------------- ----------- ------------- ---------- ----------- ---------------------- Total additions (deductions) 438,164,265 (91,931,139) 415,441,682 141,543 4,816,354 98,210,459 11,485,366 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO DISTRIBUTIONS TO PARTICIPANTS (117,380,956) (27,796,885) (76,340,237) (127,061) (194,258) (8,596,440)(4,326,075) TRANSFERS BETWEEN INVESTMENT OPTIONS - 298,971,392 (283,621,614)(18,509,084) 9,384,686 (53,873,144) 47,647,764 ------------- ----------- ------------- ---------- ----------- ---------------------- NET INCREASE (DECREASE) 320,783,309 179,243,368 55,479,831(18,494,602) 14,006,782 35,740,875 54,807,055 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 2,734,895,253 785,130,390 1,474,997,244 18,494,602 - 277,474,998178,798,019 ------------- ----------- ------------- ---------- ----------- ---------------------- End of year $3,055,678,562 $964,373,758$1,530,477,075 $- $14,006,782 $313,215,873$233,605,074 ============= =========== ============= ========== =========== ====================== 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 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. General Motors Government Corporation Savings Bonds Equity Total Common Stock Income Fund Fund Index Fund Loan Fund ------------- ------------- ------------- ------------- ----------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net appreciation in fair value of investments $376,065,565 $359,786,185 $- $1,050,596 $15,228,784 $- 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 ------------- ----------- ------------- ---------- ---------- ----------- 497,509,579 372,387,325 93,173,038 1,056,644 21,509,266 9,383,306 Contributions - Participants' 333,505,084 63,631,509 212,312,445 2,643,536 54,917,594 - ------------- ----------- ------------- ---------- ---------- ----------- Total additions 831,014,663 436,018,834 305,485,483 3,700,180 76,426,860 9,383,306 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO DISTRIBUTIONS TO PARTICIPANTS (111,944,132) (29,858,669) (68,457,792) (916,700) (6,562,144) (6,148,827) TRANSFERS BETWEEN INVESTMENT OPTIONS - (205,077,317) 141,393,978 - 38,465,802 25,217,537 ------------- ----------- ------------- ---------- ----------- ----------- NET INCREASE 719,070,531 201,082,848 378,421,669 2,783,480 108,330,518 28,452,016 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 2,015,824,722 584,047,542 1,096,575,575 15,711,122 169,144,480 150,346,003 ------------- ----------- ------------- ---------- ----------- ----------- End of 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.
- 7 - 8 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994 AND 1993 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 ($9,240). In addition, an Eligible Employee may elect to contribute 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. 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: GENERAL MOTORS CORPORATION COMMON STOCK - Under this investment option, contributions are invested by the Trustee 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 and by the amount of any dividends paid thereon. 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. 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. - 8 - 9 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES 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. The annual rates of return, maturity dates, issuing company and investment contract balances at December 31, 1994 and 1993, respectively, are as follows: Value as Value as Annual Rate Maturity of of of Return Date Issuing Company 12/31/94 12/31/93 - ----------- ---------- ----------------- -------------- -------------- Variable N/A Metropolitan Life*$200,109,725** $- Variable N/A Metropolitan Life* 99,781,198 - Variable N/A New York Life* 200,060,274** - 6.32% 12/31/97 Principal Mutual 243,358,720** 431,897,389** 7.14% 12/31/96 Metropolitan Life 216,898,627** 254,845,059** 8.76% 12/31/95 Metropolitan Life 171,559,345** 179,554,239** 6.39% 12/31/97 New York Life 132,244,963 138,182,728** 7.51% 12/31/96 New York Life 130,929,682 134,858,021 8.93% 12/31/95 New York Life 58,282,920 59,568,883 6.39% 12/31/97 New York Life 77,189,376 80,273,951 8.57% 12/31/93 Prudential Ins. Co. - 152,658,042** 9.19% 12/31/93 Provident National - 51,371,909 ------------- ------------- Total $1,530,414,830 $1,483,210,221 ============= ============= *Individual Separate Account. ** Represents 5% or more of net assets available for benefits. UNITED STATES GOVERNMENT SAVINGS BONDS - Prior to January 1, 1994, contributions were invested in Series EE United States Government Savings Bonds. Effective January 1, 1994, the United States Government Savings Bonds investment option was no longer offered as an investment option. 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 current value of each unit in the Equity Index Fund. The following summarizes the Fund's number of units and the current value of each unit for the specified periods ended: Number Current Value of Units of Each Unit -------------- ------------- At December 31, 1993 1,223,921.9914 $222.95 At December 31, 1994 1,376,050.1062 225.78 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 grade bonds and commingled trust funds. Investments may also include 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. - 9 - 10 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. The following summarizes the Fund's number of units and the current value of each unit for the specified periods ended. Number Current Value of Units of Each Unit ----------- ------------- At December 31, 1994 118,976.3907 $101.57 LOAN FUND - Once each year, Eligible Employees 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 employee's account in the Plan. Loans not repaid within the maximum loan term are deemed to be distributions from participants' accounts. TRANSFER OF FUNDS - Generally, each participant is entitled one time each month to transfer a specified portion or all of his or her interest in any of the investment options to other options offered under the Plan. PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account at any time after attaining age 59-1/2, or prior to age 59-1/2, 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. Withdrawals payable to participants included in net assets available for benefits were $0 and $6,589,368 at December 31, 1994 and 1993, respectively. LINE OF CREDIT - Loans outstanding at December 31, 1993 represent draws on a $37,500,000 line of credit with NationsBank N.C., N.A. The line of credit was terminated on December 31, 1994. All administrative costs and interest associated with the line of credit were paid by the Corporation. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies followed in the preparation of the accompanying financial statements are as follows: o The financial statements of the Plan are prepared under the accrual method of accounting. o Investments 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. o Security transactions are recorded on the trade date. o Investment income is recognized as earned based on the terms of the investments and the periods during which the investments are owned by the Plan. - 10 - 11 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES o Certain costs of Plan administration are paid by the Corporation. C. THE GENERAL MOTORS BALANCED FUND MASTER TRUST Investments in the Balanced Fund are held in The General Motors Balanced Fund Master Trust (the "Master Trust") established by the Corporation in 1994. The Master Trust contains an account for each of the three investment managers and a contribution/distribution account. The Master Trust permits commingling of the assets of more than one employee benefit plan sponsored by the Corporation for investment and administrative purposes. Each of the plans participating in the Master Trust has an undivided interest in the net assets of the Master Trust. As of December 31, 1994, the Plan had approximately a 21% interest in the Master Trust. The net asset value of the Master Trust is calculated on a semi-monthly basis and is allocated to each participating plan based on the Plan's interest in the Master Trust, as compared with the total interest in the Master Trust of all the participating plans. The assets of the Master Trust at December 31, 1994 are summarized as follows: Equity investments $8,144,644 Fixed income investments 995,945 Commingled trust funds: Pooled corporate obligations 13,305,365 Pooled common stock 15,750,831 Pooled multi-asset portfolio 19,319,190 Short-term investments and other assets, net 916,607 ----------- Total $58,432,582 =========== The Master Trust's total investment return for the year ended December 31, 1994 is summarized as follows: Interest $110,702 Dividends 319,227 Commingled trust funds 346,745 Net depreciation in fair value of investments (868,385) ----------- Total Investment Return ($91,711) =========== D. 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. E. 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. In December 1994, the amended Plan was submitted for another IRS determination which is currently pending. 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. - 11 - 12 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES F. SUBSEQUENT EVENTS The following modifications have been made to the Plan effective January 1, 1995: o Participant accounts will be valued daily rather than semi-monthly on a unit basis. o Assets may be transferred among any of the investment options and on any business day. o A new investment option, "Mutual Funds," has been added to the existing investment options, which offers many individual mutual funds. o Separate master trusts were established for investments in the Corporation's common stocks, the Equity Index Fund, and the Income Fund. Such master trusts permit commingling of the assets of more than one employee benefit plan sponsored by the Corporation for investment and administrative purposes. o The specified annual interest rate for assets invested in the Income Fund will be determined quarterly instead of monthly. o Account balance statements will be furnished four times per year instead of the previous two times per year. o The Corporation's common stock investments will be converted to unitized company stock funds. * * * * * * - 12 - 13 THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1994 Current Description of Investment Cost Value - --------------------------------------------- -------------- ------------- General Motors Common Stock*: $1-2/3 Par Value (21,850,030 Shares) $931,142,532 $925,895,021 -------------- -------------- Class E, $0.10 Par Value (266,586 Shares) 1,466,651 10,330,208 -------------- -------------- Class H, $0.10 Par Value (108,788 Shares) 1,961,383 3,814,379 -------------- -------------- Investment Contracts: Issuing Company Contract Rate ----------------- ----------- ------- Metropolitan Life 12835 7.14% 216,898,627 216,898,627 Metropolitan Life 12014 8.76 171,559,345 171,559,345 Metropolitan Life** 13653 Variable 200,109,725 200,109,725 Metropolitan Life** 13635 Variable 99,781,198 99,781,198 New York Life** GAO6867 Variable 200,060,274 200,060,274 New York Life GA06363 7.51 130,929,682 130,929,682 New York Life GA05999 8.93 58,282,920 58,282,920 New York Life GA6363-002 6.39 77,189,376 77,189,376 New York Life GA6363-003 6.39 132,244,963 132,244,963 Principal Mutual GA4-5451 6.32 243,358,720 243,358,720 -------------- -------------- 1,530,414,830 1,530,414,830 -------------- -------------- The General Motors Balanced Fund Master Trust 12,035,140 12,084,432 -------------- -------------- Commingled Funds - Equity Index Fund 305,888,960 310,684,593 -------------- -------------- Common Funds - Bankers Trust Pyramid Directed Account Cash Fund* 43,288,003 43,288,003 -------------- -------------- Loans to Participants* 233,605,074 233,605,074 -------------- -------------- Total Investments $3,059,802,573 $3,070,116,540 ============== ============== *Party-in-Interest **Individual Separate Account - 13 - 14
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, 1994
Purchases Sales --------- --------------------------------------- Identity of Purchase Sales Original Net Gain Party/Broker Description of Asset Price Price Cost (Loss) - ------------ -------------------------------- --------- ------- ------------ ------------ SERIES REPORTABLE TRANSACTIONS ------------------------------ *Bankers Trust General Motors Common Stock, $1-2/3 par value (125 purchases, 77 sales) $622,646,458 $229,749,807 $208,694,700 $21,055,107 Wells Fargo Bank Equity Index Fund (5 sales) - 331,069,689 300,837,384 30,232,305 New York Life Investment Contract No. 6867 Insurance Co. (63 purchases) 229,880,012 - - - Principal Mutual Investment Contract No. GA-4-5451 6.32% (28 sales) - 208,570,261 208,570,261 - Prudential Insurance Co. Investment Contract No. 5590-212 8.57% (2 sales) - 152,623,648 152,623,648 - Metropolitan Life Insurance Co. Investment Contract No. 13653 (63 purchases) 229,929,463 - - - *Bankers Trust Bankers Trust Pyramid Directed Account Cash Fund (479 purchases, 347 sales) 1,194,694,3911,174,098,751 1,174,098,751 - SINGLE REPORTABLE TRANSACTIONS ------------------------------ *Bankers Trust Bankers Trust Pyramid Directed Account Cash Fund 430,771,904 430,770,537 430,770,537 - Wells Fargo Bank Equity Index Fund - 307,571,261 279,513,382 28,057,879 State Street Bank Equity Index Fund 307,571,319 - - - *Party-in-Interest.
- 14 EX-23 2 l:\secfiles\11-k\gmpsp23.doc1 1 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 2, 1995 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, 1994. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 28, 1995 - 15 - -----END PRIVACY-ENHANCED MESSAGE-----