-----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, LR2Mt0kkDMUgz91Eunhs+Lo20ZVBPhPszxiXC6A9e3BEBpPY9NP3mPvxkOG5Ssm+ GL3runyBL7XnXnaxYEQCjQ== 0000040730-99-000062.txt : 19990628 0000040730-99-000062.hdr.sgml : 19990628 ACCESSION NUMBER: 0000040730-99-000062 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990625 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: SEC FILE NUMBER: 001-00143 FILM NUMBER: 99652425 BUSINESS ADDRESS: STREET 1: 100 RENAISSANCE CTR CITY: DETROIT STATE: MI ZIP: 48265-1000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 3044 W GRAND BOULEVARD CITY: DETROIT STATE: MI ZIP: 48202-3091 11-K 1 HOURLY PENSION PLAN 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, 1998 ----------------- 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 100 Renaissance Center, Detroit, Michigan 48265-1000 ---------------------------------------------------- (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: Peter R. Bible Chief Accounting Officer General Motors Corporation 100 Renaissance Center Detroit, Michigan 48265-1000 - 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, 1998 and 1997 . . . . . . . . . . . . . . 4 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1998 and 1997 5 Notes to Financial Statements . . . . . . . . . . . . . . 6 Supplemental Schedules: Line 27a-Schedule of Assets Held for Investment Purposes as of December 31, 1998. . . . . . . . . . . 15 Line 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1998. . . . . . . . . . . . . 17 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 . . . . . . . . . . 18 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 25, 1999 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, 1998 and 1997, 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, 1998 and 1997, 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, 1998 and (2) reportable transactions for the year ended December 31, 1998, 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 1998 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 4, 1999 - 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, l998 AND 1997 1998 1997 ------------ ------------ (Dollars in Thousands) ASSETS: Investments, at fair value (Note A): Value of interest in General Motors Savings Plans Master Trust (Note C) $2,482,016 $2,082,584 Mutual funds 2,137,169 1,513,281 Common and collective trust - Fixed Income Fund 246,958 74,713 Participant loans 451,339 412,622 --------- --------- 5,317,482 4,083,200 Investments, at contract value (Note A)- Investment contracts 2,252,590 2,029,841 --------- --------- Total investments 7,570,072 6,113,041 --------- --------- Accrued investment income 11,445 9,978 --------- --------- Total assets 7,581,517 6,123,019 LIABILITIES: Due to brokers for securities purchased 4,443 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $7,581,517 $6,118,576 ========= ========= 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, 1998 AND 1997 1998 1997 ------------ ------------- (Dollars in Thousands) ADDITIONS: Investment income: Net appreciation in fair value of mutual fund investments $248,996 $123,797 Dividends 136,141 116,809 Interest 160,027 148,628 Net investment earnings from the General Motors Savings Plans Master Trust (Note C) 540,448 411,575 --------- --------- Total investment income 1,085,612 800,809 --------- --------- Contributions: Employer 3,828 2,970 Participants 662,240 650,749 --------- --------- Total Contributions 666,068 653,719 --------- --------- Total additions 1,751,680 1,454,528 DEDUCTIONS - DISTRIBUTIONS TO PARTICIPANTS (288,739) (200,368) --------- --------- NET INCREASE 1,462,941 1,254,160 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 6,118,576 4,864,416 --------- --------- End of year $7,581,517 $6,118,576 ========= ========= 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, 1998 AND 1997 A. THE PLAN GENERAL - General Motors Corporation (the "Corporation" or "GM") and certain unions have established The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States (the "Plan"), a defined contribution plan. Generally, eligible hourly-rate full-time and part-time employees may participate and accumulate savings under the Plan on the first day of the first pay period following the attainment of seniority, as defined in the Plan. The Investment Funds 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 25% of eligible weekly earnings as defined in the Plan, up to the maximum IRS 401(k) limit of $10,000. In addition, an Eligible Employee may elect to contribute, in 1% 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. Employees may also contribute to the Plan on an after-tax basis. EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1, 1994, the Corporation contributes an amount equal to a certain percent (based on local units competitive hire agreements) 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 after-tax savings may be withdrawn at any time, however, tax deferred savings may only be withdrawn because of termination of employment, retirement, 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 (the "IRS"). 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. Certain costs of Plan administration are paid by the Corporation. 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 Common Stock Funds: $1-2/3 Par Value, Class H, $0.10 Par Value - Under these investment options, contributions are invested by the Trustee primarily in the respective General Motors common stock. Each unit represents a proportionate interest in all of the assets of the respective GM Common Stock Funds. The number of units credited to each participant's account within an applicable plan will be determined by the amount of the participant's contributions and the purchase price of a unit in the respective GM 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. The return on a participant's investment is based on the value of units, which, in turn, is determined by the market price of the GM 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 direction has not been received by the required deadline. 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 the participant's contributions and the current value 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, contributions are invested in equity and fixed income investments selected from opportunities available in global capital markets, 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 Plan's interest in Funds which utilize such financial instruments is not considered significant to the Plan's financial statements. 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 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. 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. - 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, 1998 and 1997, respectively, were as follows: Contract Contract Value as Value as Annual Rate Maturity of of of Return Date Issuing Company 12/31/98 12/31/97 - ----------- ---------- ----------------- -------------- -------------- (Dollars in Thousands) Variable N/A Metropolitan Life* $438,424 $347,804 Variable 9/01/03 Metropolitan Life* 446,894 208,976 Variable 12/13/99 Metropolitan life 115,439 Variable N/A Metropolitan Life 349,864 343,385 6.86% 2/4/02 New York Life 53,823 52,778 6.55% 12/31/01 New York Life 226,614 222,990 6.48% 6/30/00 John Hancock 169,225 166,567 6.13% N/A John Hancock* 180,375 89,846 6.14% 6/30/99 John Hancock 271,932 180,234 6.39% 1/2/98 New York Life 54,307 6.39% 1/2/98 New York Life 92,721 Variable 8/17/98 New York Life 114,048 6.32% 12/31/97 Principal Mutual 156,185 --------- --------- Total $2,252,590 $2,029,841 ========= ========= *Individual Separate Account. The average yield on guaranteed investment contracts in the Income Fund was 6.0% and 7.2% for the years ended December 31, 1998 and 1997, respectively. The fair value of investment contracts in the Income Fund exceeded contract value by approximately $82 million as of December 31, 1998. The contract value of investment contracts in the Income Fund approximated fair value as of December 31, 1997. Other Investments: EDS Common Stock Fund - Effective June 7, 1996, the net assets of Electronic Data Systems ("EDS") were split-off from the net assets of the Corporation. As a result, the Class E Common Stock Fund was changed to the EDS Common Stock Fund. Also, effective June 7, 1996, no new contributions, loan repayments or exchanges may be made into the EDS Common Stock Fund. Dividends, if any, paid on EDS Common Stock held by the Plan will be invested in an Income Fund investment option. This fund will be eliminated five years from the effective date of the split-off. Raytheon Class A Common Stock Fund - Effective December 17, 1997, GM spun-off the defense electronics business of Hughes Electronics, a GM subsidiary (Hughes Defense), to holders of GM $1-2/3 par value and Class H common stock, which was immediately followed by the merger of Hughes Defense with Raytheon Company. In connection with the above transaction, Raytheon Class A common stock was distributed to holders of GM $1-2/3 par value and Class H common stocks. Plan participants holding Class H Common Stock Fund units were allocated approximately .81 units of Raytheon Class A units for each unit of GM Class H held. Plan participants holding GM $1-2/3 par value Common Stock Fund units were allocated approximately .08 units of Raytheon Class A units for each unit of GM $1-2/3 held. The determination of the allocation ratio for units was based on the number of units held in the Plan. Such distribution was recorded as a stock dividend and totaled approximately $314 million of which $172 million and $142 million were distributed to $1-2/3 par value common stockholders and Class H common stockholders, respectively. - 8 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Such distribution required the addition of the Raytheon Class A Common Stock Fund as an investment option. The Raytheon Class A Common Stock Fund will remain in the Plan through December 31, 2002; however, no further contributions or exchanges from any other investment options into the Raytheon Class A Common Stock Fund will be permitted during that time. Dividends, if any paid on Raytheon Class A Common Stock held by the Plan will be invested in an Income Fund investment option prior to allocation to participant's accounts. Assets held in this fund are expressed in terms of units and not shares of stock. Each unit represents a proportionate interest in all of the assets of this 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. The return on a participant's investment is based on the value of units, which, in turn, is determined by the market price of the Raytheon Class A Common Stock, the amount of any dividends paid thereon, and by interest earned on short-term investments held by the fund. 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 provisions of the Plan 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 for certain common & collective trusts, 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. 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 TRUST 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 as of December 31, 1998 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 The Master Trust is composed of six commingled master trust investment options: the GM $1-2/3 Common Stock Fund, the GM Class H Common Stock Fund, the EDS Common Stock Fund, the Equity Index Fund, the Balanced Fund, and the Raytheon Class A Common Stock 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 six 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, 1998 and 1997, the Plan had approximately a 26% and 25% interest in the Master Trust, respectively. The net assets available for benefits of all participating plans in the Master Trust at December 31, 1998 and 1997 are summarized as follows (dollars in thousands): ASSETS: 1998 1997 Investments, at fair value: --------- --------- Common Stock: General Motors $1-2/3 par value $4,403,246 $4,219,576 General Motors Class H, $0.10 par value 500,474 225,418 Electronic Data Systems 356,304 460,532 Raytheon Class A 267,580 360,087 Other 20,835 15,110 U.S. Government Securities 1,696 2,913 Common and collective trusts 3,901,275 3,167,494 Cash 27,252 51,835 --------- --------- Total investments 9,478,662 8,502,965 Receivables: Due from broker for investments sold 21,444 2,664 Accrued investment income 4,979 4,791 ------ ------- Total receivables 26,423 7,455 --------- ------- Total assets $9,505,085 $8,510,420 ========= ========= Liabilities - Due to broker for securities purchased 1,627 8,553 --------- --------- Net assets available for benefits $9,503,458 $8,501,867 ========= ========= - 10 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES The total investment earnings of all participating plans in the Master Trust for the years ended December 31, 1998 and 1997 is summarized as follows (dollars in thousands): 1998 1997 --------- --------- Interest $3,993 $4,273 Dividends 132,901 148,332 Stock dividend 314,280 Net appreciation in fair value of investments: Common stocks 923,472 658,340 U.S. Government securities 603 303 Common and collective trusts 843,052 703,360 Registered investment company 8,200 8,321 ---------- --------- Total net appreciation in fair value of investments 1,775,327 1,370,324 ---------- --------- Total investment earnings $1,912,221 $1,837,209 ========== ========= D. FUND INFORMATION Contributions, investment income and distributions to participants by fund are as follows for the years ended December 31, 1998 and 1997. Mutual fund investment options which individually comprise less than 5% of the Plan's total net assets available for benefits have been combined. 1998 1997 ------------ ----------- (Dollars in Thousands) Participant Contributions: Master Trust $176,022 $181,084 Income Fund 260,063 297,140 Mutual funds 226,155 172,525 ------- ------- Total $662,240 $650,749 ======= ======= Employer Contributions: Master Trust $3,828 $2,970 ======= ======= Investment income: Interest and Dividends Master Trust $39,600 $36,118 Income Fund 151,976 142,674 Mutual funds 144,192 122,763 ------- ------- Total $335,768 $301,555 ------- ------- Net appreciation in fair value of investments Master Trust $500,848 $375,457 Mutual funds 248,996 123,797 ------- ------- Total 749,844 499,254 ------- ------- Total investment income $1,085,612 $800,809 ========= ======= Distribution to participants: Master Trust ($75,695) ($74,351) Income Fund (131,371) (99,421) Mutual funds (52,648) (19,609) Participant loans (29,025) (6,987) ------- ------- Total ($288,739) ($200,368) ======= ======= - 11 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES 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 August 1997, the Plan was determined by 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'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. - 12 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES G. PARTICIPANT UNIT DATA FOR THE YEAR ENDED DECEMBER 31, 1998
GENERAL MOTORS SAVINGS PLANS MASTER TRUST ----------------------------------------------------------------------------------- GM GM Raytheon $1-2/3 Par Class H EDS Class A Common Stock Common Stock Common Stock Balanced Equity Index Common Stock Fund Fund Fund Fund Fund Fund ----------- ----------- ---------- --------- ------------ ------------ (Units in Thousands) Quarter ended March 31 Plan number of units outstanding 5,583 203 60 2,592 48,415 521 Net asset value per unit $161.82 $125.22 $119.76 $17.75 $25.73 $103.71 Quarter ended June 30 Plan number of units outstanding 5,429 393 58 2,652 48,988 488 Net asset value per unit $160.26 $104.57 $128.38 $17.86 $26.57 $105.06 Quarter ended September 30 Plan number of units outstanding 6,564 508 56 2,558 48,001 466 Net asset value per unit $131.59 $98.64 $86.93 $16.62 $23.93 $94.58 Quarter ended December 31 Plan number of units outstanding 5,652 686 55 2,566 46,206 444 Net asset value per unit $172.04 $104.86 $131.15 $18.44 $29.04 $94.35
- 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, 1997
GENERAL MOTORS SAVINGS PLANS MASTER TRUST ----------------------------------------------------------------------------------- GM GM Raytheon $1-2/3 Par Class H EDS Class A Common Stock Common Stock Common Stock Balanced Equity Index Common Stock Fund Fund Fund Fund Fund Fund ----------- ----------- ---------- --------- ------------ ------------ (Units in Thousands) Quarter ended March 31 Plan number of units outstanding 6,670 82 69 2,265 42,057 Net asset value per unit $133.39 $150.84 $105.41 $14.30 $17.38 Quarter ended June 30 Plan number of units outstanding 6,691 85 68 2,333 43,305 Net asset value per unit $134.08 $159.56 $107.05 $15.62 $20.42 Quarter ended September 30 Plan number of units outstanding 5,820 78 64 2,471 45,886 Net asset value per unit $160.89 $181.52 $92.78 $16.49 $21.95 Quarter ended December 31 Plan number of units outstanding 6,307 112 62 2,495 46,514 587 Net asset value per unit $145.83 $103.75 $114.66 $16.37 $22.58 $89.89
- 14 - 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, 1998
Current Description of Investment Cost Value - ------------------------------------------------ -------------- ------------- Value of Interest in General Motors *Savings Plans Master Trust $1,577,750 $2,482,016 Fixed Income Fund 246,958 246,958 *Loan Fund - 451,339 *Fidelity Mutual Funds: ---------------------------- Fidelity 57,956 65,126 Puritan 52,137 53,745 Trend 2,850 2,851 Magellan 158,155 190,372 Contra Fund 178,920 206,588 Equity Income 81,695 84,205 Growth Company 42,986 48,590 Investment Grade 15,782 15,827 Growth & Income 196,240 223,933 Value 56,107 48,744 Government Securities 21,042 21,054 Retirement Growth 30,618 31,494 OTC Portfolio 42,279 49,066 Overseas 19,388 19,560 Europe 41,882 39,569 Pacific Basin 6,728 7,254 Real Estate 13,175 10,834 Balanced Fund 21,520 22,504 International Growth & Income 6,350 6,384 Capital Appreciation 12,904 13,956 Convertible Securities 5,150 5,136 Canada 1,249 1,123 Utilities 20,085 22,246 Blue Chip 236,773 285,526 Asset Manager 17,239 16,354 Disciplined Equity 18,654 19,857 Low-Priced Stock 45,391 41,750 Worldwide 20,468 19,409 Equity Income II 140,541 151,086 Stock Selector 25,387 26,091 Asset Manager - Growth 18,946 18,750 Emerging Growth Fund 13,140 15,067 Diversified International 15,185 15,605 Asset Manager - Income 5,329 5,289 Dividend Growth 207,614 227,202 Fidelity Exp & Multinational Fund 21,037 23,863 Fidelity Global Balanced 1,128 1,225 Fidelity Small Cap Stock 25,608 23,424 Fidelity Mid Cap Stock 14,583 14,998 Freedom Income Fund 3,162 3,244 Freedom 2000 Fund 6,485 6,704 Freedom 2010 Fund 12,633 13,637 Freedom 2020 Fund 5,415 5,811 Freedom 2030 Fund 3,083 3,302 Fidelity International Bond 1,887 1,911 Fidelity Fifty 6,617 6,903 ------------- ------------- Total Mutual Funds $1,951,503 $2,137,169 ============= =============
- 15 - 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, 1998 Concluded
Current Description of Investment Cost Value - --------------------------------------------------------------- -------------- ------------- (Dollars in Thousands) Investment Contracts: Maturity Issuing Company Date Contract Rate ------------------ ---------- ----------- ------- Metropolitan Life N/A GA13653 Variable $438,424 $438,424 Metropolitan Life N/A GAC24597 Variable 349,864 349,864 Metropolitan Life 9/1/03 GA13635 Variable 446,894 446,894 Metropolitan Life 12/13/99 GAC24949 Variable 115,439 115,439 New York Life 12/31/01 GA30331002 6.55% 226,614 226,614 New York Life 2/4/02 GA30331003 6.86% 53,823 53,823 John Hancock 6/30/00 GA8504 6.48% 169,225 169,225 John Hancock N/A GA7921 6.13% 180,375 180,375 John Hancock 6/30/99 GAC7878 6.14% 271,932 271,932 --------- --------- Total Investment Contracts 2,252,590 2,252,590 --------- --------- Total Investments $6,028,801 $7,570,072 ========= ========= *Party-in-Interest
- 16 - 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, 1998 (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 and Trust (164 purchases, 121 sales) $1,190,227 $1,017,981 $965,291 $52,690 Metropolitan Life Investment Contract No. Insurance Co. GA 13635 (14 purchases) $252,119 $- $- $- SINGLE REPORTABLE TRANSACTIONS ------------------------------ State Street Bank Fixed Income Fund and Trust Co. (1 purchase) $299,584 $- $- $-
- 17 - EX-23 2 AUDITOR'S CONSENT EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 333-76443 of General Motors Corporation on Form S-8 of our report dated June 4, 1999 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, 1998. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 25, 1999 - 18 - -----END PRIVACY-ENHANCED MESSAGE-----