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