l:\secfiles\11-k\saturn_2\pcsp_non.doc14
<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 33-43747
--------
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
(Formerly
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED EMPLOYEES)
-------------------------------
(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.
------------------------------------------------------ --------
Saturn Personal Choices Savings Plan for Non-Represented Members:
Independent Auditors' Report. . . . . . . . . . . . . . . . . 3
Statements of Net Assets Available for Benefits
December 31, 1993 and 1992. . . . . . . . . . . . . . . . . 4
Statements of Changes in Net Assets Available for Benefits
for the Years Ended 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 . . . . . . . . . . . . . . . . . . . . 13
Item 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1993. . . . . . . . . . . . . . . 14
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. . . . . . . . . . 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.
Saturn Personal Choices Savings
Plan for Non-Represented Members
--------------------------------
(Name of plan)
Date June 28, 1994 By:
-------------
s/John F. Smith, Jr.
------------------------------
(John F. Smith, Jr., Chairman
President's Council)
- 2 -
<PAGE>3
INDEPENDENT AUDITORS' REPORT
- ----------------------------
Saturn Personal Choices Savings Plan
for Non-Represented Members:
We have audited the accompanying statements of net assets available for
benefits of the Saturn Personal Choices Savings Plan for Non-Represented
Members (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 as of
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 performed 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, 1993 and (2) 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 fund information in
the financial statements referred to above is presented for purposes of
additional analysis rather than to present the net assets available for Plan
benefits and changes in net assets available for Plan benefits of each fund.
The supplemental schedules and fund information, which are the responsibility
of the Plan's management, have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion,
are fairly stated in all material respects when considered in relation to the
basic financial statements taken as a whole.
s/DELOITTE & TOUCHE
DELOITTE & TOUCHE
Nashville, Tennessee
May 20, 1994
- 3 -
<PAGE>4
<TABLE>
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
<CAPTION>
FUND INFORMATION
------------------------------------------------------------------
Diversified GM GM GM
U.S. Com. Stock Class E Class H Equity
Government $1-2/3 Common Common Income Index
Total Securities Par Value Stock Stock Fund Fund
---------- ----------- ---------- ---------- -------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments:
Diversified U.S. Government Securities,
at market value......................... $387,777 $387,777 $- $- $- $- $-
General Motors common stock, $1-2/3 par
value, at quoted market value........... 8,756,953 - 8,756,953 - - - -
General Motors Class E common stock,
$0.10 par value, at quoted market value. 2,502,630 - - 2,502,630 - - -
General Motors Class H common stock,
$0.10 par value, at quoted market value. 646,425 - - - 646,425 - -
Guaranteed investment contracts, at
cost plus accumulated interest.......... 2,631,961 - - - - 2,631,961 -
Equity Index Fund, at estimated
market value............................ 2,655,156 - - - - - 2,655,156
Loans to Participants..................... 342,144 10,176 155,468 52,043 11,662 58,020 54,775
---------- ------- --------- --------- ------- --------- ---------
Total investments....................... 17,923,046 397,953 8,912,421 2,554,673 658,087 2,689,981 2,709,931
Cash and temporary investments.............. 488,876 6,115 309,659 153,794 12,924 6,280 104
Receivables:
Participants' contributions............... 106,131 - 106,131 - - - -
Transfers receivable (payable) between
investment options...................... - - (3,487) 11,575 7,574 (22,471) 6,809
---------- ------- --------- --------- ------- --------- ---------
Net assets available for benefits...... $18,518,053 $404,068 $9,324,724 $2,720,042 $678,585 $2,673,790 $2,716,844
========== ======= ========= ========= ======= ========= =========
</TABLE>
The accompanying notes are an integral part of these financial
statements.
- 4 -
<PAGE>5
<TABLE>
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1992
<CAPTION>
FUND INFORMATION
------------------------------------------------------------------
Diversified GM GM GM
U.S. Com. Stock Class E Class H Equity
Government $1-2/3 Common Common Income Index
Total Securities Par Value Stock Stock Fund Fund
---------- ----------- ---------- ---------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments:
Diversified U.S. Government Securities
at market value.......................... $201,924 $201,924 $- $- $- $- $-
General Motors common stock, $1-2/3 par
value, at quoted market value............ 3,137,957 - 3,137,957 - - - -
General Motors Class E common stock,
$0.10 par value, at quoted market value.. 1,452,384 - - 1,452,384 - - -
General Motors Class H common stock,
$0.10 par value, at quoted market value.. 227,244 - - - 227,244 - -
Guaranteed investment contract stated at
cost plus accumulated interest........... 942,857 - - - - 942,857 -
Equity Index Fund at estimated
market value............................. 1,217,145 - - - - - 1,217,145
Loans to Participants...................... 54,124 2,372 23,765 8,186 1,023 6,697 12,081
--------- ------- --------- --------- ------- ------- ---------
Total investments........................ 7,233,635 204,296 3,161,722 1,460,570 228,267 949,554 1,229,226
Cash and temporary investments............... 467,054 6,869 309,439 100,039 7,622 1,911 41,174
--------- ------- --------- --------- ------- ------- ---------
Net assets available for benefits....... $7,700,689 $211,165 $3,471,161 $1,560,609 $235,889 $951,465 $1,270,400
========= ======= ========= ========= ======= ======= =========
The accompanying notes are an integral part of these financial statements.
- 5 -
</TABLE>
<PAGE>6
<TABLE>
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1993
<CAPTION>
FUND INFORMATION
----------------------------------------------------------------------
Diversified GM GM GM
U.S. Com. Stock Class E Class H Equity
Government $1-2/3 Common Common Income Index
Total Securities Par Value Stock Stock Fund Fund
---------- ----------- ---------- ---------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) on
assets held, sold, or distributed
to Participants.................... $3,239,341 $1,060 $3,134,596 ($206,160) $180,703 $- $129,142
Dividends............................ 145,262 - 109,263 26,656 9,343 - -
Interest............................. 192,981 20,419 2,186 1,271 189 113,918 54,998
---------- ------- --------- --------- ------- --------- ---------
3,577,584 21,479 3,246,045 (178,233) 190,235 113,918 184,140
---------- ------- --------- --------- ------- --------- ---------
Interest on loans...................... 9,008 216 3,699 1,906 371 1,284 1,532
---------- ------- --------- --------- ------- --------- ---------
Contributions:
After-Tax............................ 1,392,999 37,571 589,983 254,617 36,458 248,995 225,375
Tax-Deferred ........................ 5,203,901 167,548 2,089,865 1,050,009 188,305 779,426 928,748
Employer's........................... 975,240 - 975,240 - - - -
---------- ------- --------- --------- ------- --------- ---------
7,572,140 205,119 3,655,088 1,304,626 224,763 1,028,421 1,154,123
---------- ------- --------- --------- ------- --------- ---------
Total additions.................. 11,158,732 226,814 6,904,832 1,128,299 415,369 1,143,623 1,339,795
---------- ------- --------- --------- ------- --------- ---------
Deductions:
Deductions from net assets attributed to:
Benefits paid to Participants........ 341,368 3,342 155,493 75,172 7,476 46,668 53,217
Transfers between investment options. - 30,569 895,776 (106,306) (34,803) (625,370) (159,866)
---------- ------- --------- --------- ------- --------- ---------
Total deductions (additions)..... 341,368 33,911 1,051,269 (31,134) (27,327) (578,702) (106,649)
---------- ------- --------- --------- ------- --------- ---------
Net increase........................... 10,817,364 192,903 5,853,563 1,159,433 442,696 1,722,325 1,446,444
Net assets available for benefits:
Beginning of year.................... 7,700,689 211,165 3,471,161 1,560,609 235,889 951,465 1,270,400
---------- ------- --------- --------- ------- --------- ---------
End of year.......................... $18,518,053 $404,068 $9,324,724 $2,720,042 $678,585 $2,673,790 $2,716,844
========== ======= ========= ========= ======= ========= =========
The accompanying notes are an integral part of these financial statements.
</TABLE>
- 6 -
<PAGE>7
<TABLE>
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1992
<CAPTION>
FUND INFORMATION
----------------------------------------------------------------------
Diversified GM GM GM
U.S. Com. Stock Class E Class H Equity
Government $1-2/3 Common Common Income Index
Total Securities Par Value Stock Stock Fund Fund
---------- ----------- ---------- ---------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) on
assets held, sold, or distributed
to Participants.................... ($117,995) ($1,130) ($383,490) $166,374 $43,637 $- $56,614
Dividends............................ 91,571 - 61,185 8,244 3,395 - 18,747
Interest............................. 48,346 7,227 3,325 1,715 443 34,356 1,280
--------- ------- --------- --------- ------- ------- ---------
21,922 6,097 (318,980) 176,333 47,475 34,356 76,641
--------- ------- --------- --------- ------- ------- ---------
Interest on loans...................... 266 1 121 57 13 24 50
--------- ------- --------- --------- ------- ------- ---------
Contributions:
After-Tax............................ 5,220,848 167,573 2,097,282 1,148,268 166,985 661,573 979,167
Tax-Deferred......................... 1,544,647 42,958 656,675 302,658 41,336 244,406 256,614
Employer's........................... 1,010,385 - 1,010,385 - - - -
--------- ------- --------- --------- ------- ------- ---------
7,775,880 210,531 3,764,342 1,450,926 208,321 905,979 1,235,781
--------- ------- --------- --------- ------- ------- ---------
Total additions.................. 7,798,068 216,629 3,445,483 1,627,316 255,809 940,359 1,312,472
--------- ------- --------- --------- ------- ------- ---------
Deductions:
Deductions from net assets attributed to:
Benefits paid to Participants........ 97,379 2,251 38,129 15,187 7,508 19,672 14,632
Transfers between investment options. - 3,213 (63,807) 51,520 12,412 (30,778) 27,440
--------- ------- --------- --------- ------- ------- ---------
Total deductions (additions)..... 97,379 5,464 (25,678) 66,707 19,920 (11,106) 42,072
--------- ------- --------- --------- ------- ------- ---------
Net increase........................... 7,700,689 211,165 3,471,161 1,560,609 235,889 951,465 1,270,400
Net assets available for benefits:
Beginning of year.................... - - - - - - -
--------- ------- --------- --------- ------- ------- ---------
End of year.......................... $7,700,689 $211,165 $3,471,161 $1,560,609 $235,889 $951,465 $1,270,400
========= ======= ========= ========= ======= ======= ==========
The accompanying notes are an integral part of these financial statements.
</TABLE>
- 7 -
<PAGE>8
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
NOTES TO FINANCIAL STATEMENTS
PLAN DESCRIPTION
Saturn Corporation ("Saturn"), a wholly-owned subsidiary of General Motors
Corporation ("Corporation"), established a defined contribution plan, the
Saturn Personal Choices Savings Plan for Non-Represented Employees (the
"Plan"), on January 1, 1992. Effective January 1, 1993, the name of the Plan
was changed to Saturn Personal Choices Savings Plan for Non-Represented
Members. 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 non-represented members with tax-
deferred and after-tax voluntary savings opportunities. Employee savings are
matched, in part, by Saturn contributions credited to the Plan. The following
brief description of the Plan is provided for general information purposes
only. Refer to the "Complete Text" of the Plan for a comprehensive
description.
Participation
-------------
Eligibility in the Plan is restricted to regular employees of Saturn
compensated fully or partly by salary who are not represented by the
United Auto Workers ("UAW") or other labor organizations. Employees who
are classified as temporary, contract or leased employees are not eligible
to participate. Eligible Employees may participate in the Plan and
accumulate savings as of the first day of employment. Employees on
approved disability leaves of absence, or certain special leaves of
absence, remain eligible to accumulate savings for a period of one year
while on such leaves.
Employee Contributions
---------------------
Employees may elect to contribute to the Plan in several ways:
o Employees may contribute up to 15% of Eligible Monthly Salary on an
after-tax basis whereby the contributions are included in the
Employee's taxable income in the period of contribution ("After-Tax
Savings").
o Employees may contribute up to 15% of Eligible Monthly Salary or $8,994
and $8,728 for the years ended 1993 and 1992, whichever is less, on a
tax-deferred basis whereby the contributions are excluded from the
Employee's taxable income until such amounts are distributed to the
Employee from the Plan ("Tax-Deferred Savings").
o Employees may elect to combine the above contribution methods, provided
the contribution limitations noted above are not exceeded.
o Employees who have transferred to Saturn from another unit of the
Corporation are allowed to transfer assets into the Plan from the
General Motors Corporation Savings-Stock Purchase Program Trust. There
were $106,131 and $0 amounts pending transfer into the Plan as of
December 31, 1993 and 1992, respectively.
o Newly hired Employees are permitted to make a rollover contribution
equal to the taxable portion of cash proceeds received from a previous
employer's qualified savings plan ("Rollover Savings"), provided such
previous plan does not allow the payment of benefits in the form of an
annuity or other alternate form of payment which is not available under
the Plan.
- 8 -
<PAGE>9
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
Saturn Matching Contributions
-----------------------------
Saturn matches Employee Savings up to 25% of Basic Savings. An Employee's
"Basic Savings" are defined as savings which do not exceed 6% of Eligible
Monthly Salary. Basic Savings excludes any Rollover Savings amounts.
Investment Options
------------------
The following Investment Options are available under the Plan:
o Option 1 Portfolio of Diversified U. S. Government Securities
--------
consists of bonds, notes or bills issued under the full faith and credit
of the United States Government.
o Option 2 General Motors Common Stock, $1-2/3 Par Value.
--------
o Option 3 General Motors Class E common stock, $0.10 par value.
--------
o Option 4 General Motors Class H common stock, $0.10 par value.
--------
o Option 5 Income Fund is managed by an insurance company. The
--------
insurance company guarantees earnings at a specified annual interest
rate over a specified period of time.
As of December 31, 1993, the annual rates of return, contract periods, fund
managers, and investment contracts are as follows:
Period Annual
of Rate
Contri- of Contract Fund Investment
bution Return Period Manager Contracts
- ------ ------ ----------------------------- ------------------ ----------
1993 6.23% Jan. 1, 1993 to Dec. 31, 1997 Principal Mutual $1,839,481
1992 7.27% Jan. 1, 1992 to Dec. 31, 1997 Provident National 792,480
---------
$2,631,961
=========
o Option 6 Equity Index Fund consists of a portfolio of common stocks
--------
which is designed to match the performance of the "Standard and Poor's
500 Index".
Saturn matching contributions to the Plan are invested in Option 2.
Vesting
-------
Employee contributions vest immediately. Saturn matching contributions and
earnings thereon vest fully upon the attainment of 5 years of credited
service, death, Total and Permanent Disability or retirement.
Distributions
-------------
Employees may withdraw their Tax-Deferred Savings after they reach age 59-
1/2 or prior to age 59-1/2 for Financial Hardship, as defined in the
Plan's "Complete Text". After-Tax Savings and related earnings may be
withdrawn any time upon Employee request. Upon termination of employment,
a final distribution of assets is made unless termination is by
retirement, or the Participant's account balance exceeds $3,500. In those
instances, distribution may be deferred until April 1 of the year after
the Participant reaches the age of 70-1/2.
Distributions payable to Participants included in net assets available for
benefits were $84,371 and $5,457 as of December 31, 1993 and 1992,
respectively.
- 9 -
<PAGE>10
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
Transfers
---------
Employees may transfer assets between Investment Options up to six times
per calendar year, with certain limitations.
Loans
-----
Employees may borrow once per calendar year from both their Tax-Deferred
and After-Tax Savings assets. The amount and term of the loans are
limited under the Plan. Interest is charged at a rate equal to the
prevailing prime lending rate. Interest paid on the loans is credited
back to the borrowing Employee's account in the Plan. No earnings will
accrue to the assets liquidated for the loan.
Termination of the Plan
-----------------------
Although it has not expressed any intent to do so, Saturn has the right
under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA.
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:
- Diversified U. S. Government Securities - at estimated market prices
of the assets in the Fund as determined by the investment manager.
- General Motors Corporation Common Stocks - at quoted market value.
- Income Fund - guaranteed investment contracts at cost plus
accumulated interest as determined by the investment managers.
- Equity Index Fund - at the estimated market prices of the assets in
the Fund as determined by the investment manager.
o General Motors Corporation Common Stocks acquired by the Trustee for
purposes of the Plan may be obtained by purchases on the open market or
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 Securities transactions are recorded on the date the trades are
executed.
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 Investment income is recognized as earned.
VOTING RIGHTS
Voting rights are extended to Participants in proportion to their ownership
interest in General Motors Corporation Common Stocks.
- 10 -
<PAGE>11
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
SHARE/UNIT VALUES
The number of shares/units credited to Participants and the value of each
share/unit, at market, as of December 31, 1993 and 1992 and at the end of each
quarter within the fiscal years then ended are as follows:
December 31 September 30
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1993 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
Diversified U.S.
Government Securities 3,457 $112.091 3,272 $114.746
General Motors Corporation
Common stock, $1-2/3
par value 159,580 54.875 150,792 41.750
Class E, $0.10 par value 85,560 29.250 80,085 29.125
Class H, $0.10 par value 16,575 39.000 15,617 37.875
Income Fund 22,998 114.867 19,148 113.004
Equity Index Fund 22,169 119.773 19,039 117.172
June 30 March 31
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1993 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
Diversified U.S.
Government Securities 2,628 $109.366 2,282 $107.877
General Motors Corporation
Common stock, $1-2/3
par value 143,434 44.500 126,213 37.625
Class E, $0.10 par value 68,156 29.250 57,369 31.750
Class H, $0.10 par value 13,533 32.250 10,937 25.000
Income Fund 14,008 111.172 11,122 109.389
Equity Index Fund 16,200 114.209 13,339 113.677
December 31 September 30
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1992 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
Diversified U.S.
Government Securities 1,918 $105.289 1,410 $104.903
General Motors Corporation
Common stock, $1-2/3
par value 97,301 32.250 75,961 32.125
Class E, $0.10 par value 44,179 32.875 37,521 29.750
Class H, $0.10 par value 8,825 25.750 7,156 21.250
Income Fund 8,758 107.653 6,057 105.737
Equity Index Fund 11,132 109.337 8,313 103.908
June 30 March 31
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1992 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
Diversified U.S.
Government Securities 898 $102.317 353 $99.912
General Motors Corporation
Common stock, $1-2/3
par value 50,021 44.000 27,600 36.625
Class E, $0.10 par value 26,059 28.000 11,573 28.125
Class H, $0.10 par value 5,288 25.875 2,880 20.750
Income Fund 3,887 103.639 1,561 101.605
Equity Index Fund 5,491 100.769 2,316 99.472
- 11 -
<PAGE>12
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
INVESTMENTS
The table below details the investment managers, the investment types and the
carrying value of investments as of December 31, 1993 and 1992.
Investment Manager Investment Type 1993 1992
- ------------------ --------------------------------- ----------- ----------
National Bank Diversified U.S. Government
of Detroit, N.A. Securities $387,777 $201,924
NationsBank GM Common Stock, $1-2/3 par value
(159,580 and 97,301 shares in
1993 and 1992,respectively) 8,756,953* 3,137,957*
NationsBank GM Class E Stock, $0.10 par value
(85,560 and 44,179 shares in
1993 and 1992, respectively) 2,502,630* 1,452,384*
NationsBank GM Class H Stock, $0.10 par value
(16,575 and 8,825 shares in
1993 and 1992, respectively) 646,425 227,244
Provident National Guaranteed Investment
Assurance Contract, GIC 7.27% 792,480 942,857*
Principal Guaranteed Investment
Mutual Contract, GIC 6.23% 1,839,481* -
Wells Fargo Equity Index Fund 2,655,156* 1,217,145*
- -- Loans to Participants 342,144 54,124
---------- ---------
TOTAL $17,923,046 $7,233,635
========== =========
*Represents 5% or more of Plan assets.
FEDERAL INCOME TAXES
The Plan is in the process of submission to the Internal Revenue Service (the
"IRS") for a determination as to its tax-qualified status in meeting the
requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of
1986, as amended (the "Code"), and that the Trust established thereunder is
exempt from United States Federal income taxes under Section 501(a) of the
Code. Saturn management believes a favorable ruling will be received for this
Plan.
The United States Federal income tax status of the Employee with respect to
the Plan is described (1) in the "Complete Text" of the Plan, and (2) included
with the confirmation letters sent to the Participant for withdrawals and
distributions of assets.
* * * * * *
- 12 -
<PAGE>13
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Investment Current
Manager Investment Type Cost Value
- --------------- ----------------------------------- ---------- ----------
National Bank Diversified U.S. Government
of Detroit Securities $387,777 $387,777
NationsBank General Motors common stock,
$1-2/3 par value (159,580 shares) 6,019,318 8,756,953
NationsBank General Motors Class E common stock,
$0.10 par value (85,560 shares) 2,549,486 2,502,630
NationsBank General Motors Class H common stock,
$0.10 par value (16,575 shares) 426,937 646,425
Income Fund Guaranteed Investment
Contracts:
Contract Rate
---------- -----
Provident
National
Assurance 027-05109 7.27% 792,480 792,480
Principal
Mutual GA4-5452-1 6.23% 1,839,481 1,839,481
Wells Fargo
Trust Company Equity Index Fund 2,468,911 2,655,156
Loans to Participants 342,144 342,144
---------- ----------
Total Investments $14,826,534 $17,923,046
========== ==========
- 13 -
<PAGE>14
<TABLE>
SATURN PERSONAL CHOICES SAVINGS PLAN
FOR NON-REPRESENTED MEMBERS
Item 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
SERIES REPORTABLE TRANSACTIONS
<CAPTION>
Column A Column B Column C Column D Col E Column F Column G Column H Column I
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ---------- ---------
Expense Current
Incurred Value of
Identity of Purchase Selling Lease With Cost of Asset on Net Gain
Party/Broker Description Price Price Rental Transaction Asset Trans. Date (Loss)
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Morgan Guaranty General Motors
common stock,
$1-2/3 par value $2,784,754 $432,997 $- $- $3,217,751 $432,997 $-
Morgan Guaranty General Motors
Class E common
stock, $0.10
par value 1,364,414 - - - 1,364,414 - -
Wells Fargo
Trust Company Equity Index Fund 1,212,645 - - - 1,212,645 - -
NationsBank SEI Liquid
Asset Trust
Prime Obligation
Portfolio 3,939,678 4,041,816 - - 7,981,494 4,041,816 -
Principal Guaranteed
Mutual Investment
Insurance Contract, 6.23% 1,839,481 - - - 1,839,481 - -
</TABLE>
- 14 -
l:\secfiles\11-K\saturn2\pcsp23.doc1
<PAGE>1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statement
No. 33-43747 of General Motors Corporation on Form S-8 of our report dated
May 20, 1994 appearing in this Annual Report on Form 11-K of the Saturn
Personal Choices Savings Plan for Non-Represented Members for the years ended
December 31, 1993 and 1992.
s/DELOITTE & TOUCHE
DELOITTE & TOUCHE
Nashville, Tennessee
June 28, 1994
- 15 -
