l:\secfiles\11-K\1995\gmpsp_95\hourly.doc20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the fiscal year ended December 31, 1995
-----------------
OR
TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the transition period from to
--------------------- ---------------------
Commission file number 2-88284
-------
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
---------------------------------------------
(Full title of the plan)
General Motors Corporation
767 Fifth Avenue, New York, New York 10153-0075
3044 West Grand Blvd., Detroit, Michigan 48202-3091
---------------------------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313)-556-5000
Notices and communications from the Securities
and Exchange Commission relative to this report
should be forwarded to:
James H. Humphrey
Chief Accounting Officer
General Motors Corporation
3044 West Grand Blvd.
Detroit, Michigan 48202-3091
- 1 -
<PAGE>
FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No.
---------------------------------------------------------- --------
The General Motors Personal Savings Plan for
Hourly-Rate Employees in the United States:
Independent Auditors' Report. . . . . . . . . . . . . . . 3
Statements of Net Assets Available for Benefits, as of
December 31, 1995 and 1994 . . . . . . . . . . . . . . 4
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1995 and 1994 5
Notes to Financial Statements . . . . . . . . . . . . . . 6
Supplemental Schedules:
Line 27a-Schedule of Assets Held for Investment
Purposes as of December 31, 1995. . . . . . . . . . . 17
Line 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1995. . . . . . . . . . . . . 19
Supplemental schedules not listed above are omitted
because of the absence of the conditions under which
they are required.
(b) EXHIBIT
-------
Exhibit 23 - Independent Auditors' Consent . . . . . . . . . . 20
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the President's Council of General Motors Corporation has duly caused
this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
The General Motors Personal
Savings Plan for Hourly-Rate
Employees in the United States
-----------------------------
(Name of Plan)
Date June 27, 1996 By:
-------------------
/s/John F. Smith, Jr.
-------------------------
(John F. Smith, Jr., Chairman
President's Council)
- 2 -
<PAGE>
INDEPENDENT AUDITORS' REPORT
- ----------------------------
The General Motors Personal Savings Plan
for Hourly-Rate Employees in the United States:
We have audited the accompanying statements of net assets available for
benefits of The General Motors Personal Savings Plan for Hourly-Rate
Employees in the United States (the "Plan") as of December 31, 1995 and 1994,
and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December
31, 1995 and 1994, and the changes in net assets available for benefits for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1)
assets held for investment purposes as of December 31, 1995 and (2)
reportable transactions for the year ended December 31, 1995, are presented
for the purpose of additional analysis and are not a required part of the
basic financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. These schedules
are the responsibility of the Plan's management. Such schedules have been
subjected to the auditing procedures applied in our audit of the basic 1995
financial statements and, in our opinion, are fairly stated in all material
repects when considered in relation to the basic financial statements taken
as a whole.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
June 10, 1996
- 3 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, l995 AND 1994
<CAPTION>
1995 1994
------------ ------------
(Dollars in Thousands)
<S> <C> <C>
ASSETS:
Investments, at fair value (Note A):
Value of interest in General
Motors Savings Plans Master
Trust (Note C) $1,500,282 $ -
Mutual funds 389,093 -
Common/Collective Trust -
Fixed Income Fund 140,988 -
Cash - 43,288
General Motors Common Stock Funds:
$1-2/3 par value - 925,895
Class E, $0.10 par value - 10,330
Class H, $0.10 par value - 3,814
The General Motors Balanced
Fund Master Trust (Note C) - 12,085
Commingled Funds - Equity
Index Fund - 310,685
Participant Loans 287,372 233,605
--------- ---------
2,317,735 1,539,702
Investments, at contract value (Note A)
Investment contracts 1,475,328 1,530,415
--------- ---------
Total investments 3,793,063 3,070,117
--------- ---------
Due from broker for securities sold 207,484
Accrued investment income 10,430 242
--------- ---------
Total assets 4,010,977 3,070,359
LIABILITIES:
Due to broker for securities
purchased 12,302 14,680
--------- ---------
NET ASSETS AVAILABLE FOR
BENEFITS $3,998,675 $3,055,679
========= =========
Reference should be made to the Notes to Financial Statements.
</TABLE>
- 4 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
<CAPTION>
1995 1994
------------ -------------
(Dollars in Thousands)
<S> <C> <C>
ADDITIONS:
Investment income (loss):
Net appreciation (depreciation) in
fair value of investments $19,392 ($215,531)
Dividends 19,750 22,689
Interest 124,415 112,723
Net investment earnings from the
General Motors Savings Plans
Master Trust (Note C) 376,388 -
Net investment earnings from
the General Motors Balanced
Fund Master Trust (Note C) - 68
--------- ---------
Total investment income (loss) 539,945 (80,051)
--------- ---------
Contributions:
Employer 1,829 721
Participants' 571,698 517,495
--------- ---------
Total Contributions 573,527 518,216
--------- ---------
Total additions 1,113,472 438,165
DEDUCTIONS -
DISTRIBUTIONS TO PARTICIPANTS (170,476) (117,381)
--------- ---------
NET INCREASE 942,996 320,784
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 3,055,679 2,734,895
--------- ---------
End of year $3,998,675 $3,055,679
========= =========
Reference should be made to the Notes to Financial Statements.
</TABLE>
- 5 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995 AND 1994
A. THE PLAN
GENERAL - General Motors Corporation (the "Corporation") and certain unions
established The General Motors Personal Savings Plan for Hourly-Rate Employees
in the United States (the "Plan"), a defined contribution plan, effective
December 30, 1983. Hourly employees of the Corporation, hired under a
competitive hire agreement, adopted the Plan with certain modifications
effective January 1, 1994. Generally, eligible hourly-rate employees may
participate and accumulate savings under the Plan on the first day of the first
pay period next following the attainment of seniority, as defined in the Plan.
The Finance Committee of the Corporation's Board of Directors acts as the Plan
fiduciary and, along with various officers, employees and committees, with
authority delegated from the Plan fiduciary, controls and manages the operation
and administration of the Plan subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended (ERISA). The following brief
description of the Plan is provided for general informational purposes only.
Participants should refer to the Plan document and prospectus for a complete
description of the Plan's provisions.
PARTICIPANT CONTRIBUTIONS - An eligible participant employed by the
Corporation (an"Eligible Employee") may elect to make pre-tax contributions, in
1% increments, up to 18% of eligible weekly earnings as defined in the Plan up
to the maximum IRS 401(k) limit. In addition, an Eligible Employee may elect to
contribute, in 10% increments, up to 100% of his or her profit sharing
distribution from The General Motors Profit Sharing Plan for Hourly-Rate
Employees to his or her account in the Plan. Profit sharing amounts contributed
to the Plan on behalf of an Eligible Employee are invested in the same
investment option(s) as selected by the participant for weekly contributions to
the Plan. Employee contributions vest immediately.
EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1,
1994, the Corporation contributes an amount equal to 8% of eligible weekly
earnings to such participants' accounts in the form of the Corporation's $1-2/3
par value common stock. Such participants must be in the Plan for at least three
years to be vested in assets acquired with employer contributions, at which time
such assets may be transferred by the participant to other available investment
options. Forfeitures are used to offset future employer contributions.
FUND EXCHANGES - Generally, each participant is entitled on any business
day to exchange a specified portion or all of his or her interest in any of the
investment options to other options offered under the Plan, subject to the
provisions in the paragraph above.
PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account
at any time after attaining age 59-1/2. Prior to age 59-1/2, employee tax
deferred savings may only be withdrawn because of termination of employment,
death, total and permanent disability, or financial hardship. Prior to receiving
a withdrawal for financial hardship, a participant previously must have taken
all available asset distributions, withdrawals, and loans under all applicable
plans maintained by the Corporation. The amount that may be withdrawn for a
financial hardship is limited as defined in the Plan. The funds that represent a
hardship distribution must conform to conditions required by the Internal
Revenue Service. A participant who receives a hardship distribution shall have
his or her contributions to the Plan suspended for 12 months following the
distribution as required by law.
INVESTMENT OPTIONS - The participants must direct, in 10% increments, how
their contributions are to be invested. A description of each investment option
offered under the Plan follows:
- 6 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
General Motors $1-2/3 Par Value Common Stock Fund - Under this investment
options, contributions are invested by the Trustee primarily in General Motors
common stock, $1-2/3 par value. The return on investment will be determined by
the market price of the General Motors common stock, the amount of any dividends
paid thereon, and by interest earned on short-term investments held by each
fund.
Each participant directs the Trustee how to vote common stock shares
allocated to his or her account. The Trustee will not exercise voting rights
with respect to those shares for which a direction has not been received by the
required deadline.
As of January 1, 1995, assets invested in the GM $1-2/3 par value Common
Stock Fund are expressed in terms of units and not shares of stock. Each unit
represents a proportionate interest of all the assets invested in the Fund. The
number of units credited to a participant's account will be determined by the
amount of the participant's contributions and the purchase price of each unit in
the GM $1-2/3 par value Common Stock Fund. The value of each participant's
account is determined each business day by the number of units to the
participant's credit, multiplied by the current unit value.
Investments in General Motors Class E common stock and Class H common stock
resulted from assets transferred to the Plan from the General Motors Employee
Stock Ownership Plan for Hourly-Rate Employees in the United States which
terminated on March 31, 1989, and from certain stock dividends declared by the
Corporation's Board of Directors and the reinvestment of any related earnings
thereon.
Income Fund - Funds are invested in investment contracts issued by
insurance companies. The issuing companies have agreed to provide this fund with
a net fixed or floating contract interest rate that is to be earned over a
specified period and payment of principal and interest upon participant
initiated withdrawals and/or transfers of assets. In addition to the investment
contracts, the Income Fund also invests in a short-term fixed income portfolio
(the "Fixed Income Fund") which invests in U.S. Government debt obligations
and cash. The fair value of the Fixed Income Fund was approximately
$140,988,000 at December 31, 1995.
- 7 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
The annual rates of return, maturity dates, issuing company and investment
contract balances at December 31, 1995 and 1994, respectively, are as follows:
Contract Contract
Value as Value as
Annual Rate Maturity of of
of Return Date Issuing Company 12/31/95 12/31/94
- ----------- ---------- ----------------- -------------- --------------
(Dollars in Thousands)
Variable N/A Metropolitan Life* $212,085 $200,110
Variable N/A Metropolitan Life* 105,087 99,781
Variable N/A New York Life* 210,732 200,060
Variable N/A New York Life 101,590 -
6.32% 12/31/97 Principal Mutual 204,758 243,359
7.14% 12/31/96 Metropolitan Life 187,749 216,899
8.76% 12/31/95 Metropolitan Life - 171,559
6.39% 12/31/97 New York Life 113,832 132,245
7.51% 12/31/96 New York Life 112,607 130,930
8.93% 12/31/95 New York Life - 58,283
6.39% 12/31/97 New York Life 66,520 77,189
6.13% N/A John Hancock* 79,920 -
6.14% 6/30/99 John Hancock 80,448 -
--------- ---------
Total $1,475,328 $1,530,415
========= =========
*Individual Separate Account.
The average yield on guaranteed investment contracts in the Income Fund was
8.17% and 6.68% for the years ended December 31, 1995 and 1994, respectively.
Contract value of investment contracts in the Income Fund approximates fair
value as of December 31, 1995.
Equity Index Fund - Under this investment option, contributions are
invested in a portfolio of common stocks managed by an investment manager. The
investment manager maintains a portfolio which is designed to match the
performance of the Standard & Poor's 500 Index. This Index is a broad-based
index of large companies which operate in a wide variety of industries and
market sectors and which represent over two-thirds of the market capitalization
of all publicly traded common stocks in the United States.
Assets invested in the Equity Index Fund are expressed in terms of units.
The number of units credited to a participant's account will be determined by
the amount of pre-tax contributions and the purchase price of each unit in the
Equity Index Fund. The value of each participant's account is determined each
business day by the number of units to the participant's credit, multiplied by
the current unit value.
Balanced Fund - Under this investment option, initially made available to
Plan participants on April 1, 1994, contributions are invested in equity and
fixed income investments selected from opportunities available in the entire
global capital market, including large and small capitalization common stocks,
investment and non-investment grade bonds, convertible securities, real estate,
emerging market investments, and venture capital, and may be issued by U.S. or
non-U.S. issuers.
From time to time, investment managers may use derivative financial
instruments including forward exchange contracts and futures contracts.
Derivative instruments are used primarily to mitigate exposure to foreign
exchange rate and interest rate fluctuations as well as manage the investment
mix in the portfolio. The Program's interest in Funds which utilize such
financial instruments is not considered significant to the Plan's financial
statements. - 8 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Assets invested in the Balanced Fund are expressed in terms of units and
are valued in the same manner as noted above for the Equity Index Fund.
Mutual Funds - This investment option, initially made available to plan
participants on January 1, 1995, is comprised of many different mutual funds
managed by Fidelity Investments. Each mutual fund has a different objective and
investment strategy. To pursue their objectives, the mutual fund managers invest
in a wide variety of investments. Complete information about each mutual fund's
objectives and investments is contained in that fund's prospectus.
PARTICIPANT LOANS - Once each year, eligible participants may borrow from
their plan accounts. The amount and term of the loans are limited under the
Plan. The loan interest rate will be established once each quarter at a rate
equal to the prevailing prime lending rate as of the last business day of the
previous quarter. Interest paid on the loans is credited back to the borrowing
participant's account in the Plan. Loans not repaid within the maximum loan term
are deemed to be distributions from participants' accounts.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
oThe financial statements of the Plan are prepared under the accrual method
of accounting.
oInvestments are stated at fair value, except for investment contracts, which
are stated at contract value. Fair values are calculated by reference to
published market quotations, where available; where not available, various
bases, including cost, are used in determining estimates of fair values.
Contract value represents contributions made under the investment contracts,
plus interest, less withdrawals or administrative expenses charged by the
issuer of the contract.
oSecurity transactions are recorded on the trade date.
oInvestment income is recognized as earned based on the terms of the
investments and the periods during which the investments are owned by the
Plan.
oCertain costs of Plan administration are paid by the Corporation.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect amounts reported therein. Due to the inherent
uncertainty involved in making estimates, actual results reported in future
periods may differ from those estimates.
C. THE MASTER TRUSTS
In December 1994, the Corporation established the General Motors Savings
Plans Master Trust (the "Master Trust") pursuant to a trust agreement among the
Corporation, Saturn Corporation and State Street Bank and Trust, as trustee of
the funds, in order to permit the commingling of trust assets of several
employee benefit plans for investment and administrative purposes. The assets of
the Master Trust are held by State Street Bank and Trust.
- 9 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Employee benefit plans participating in the Master Trust include the
following:
o General Motors Savings-Stock Purchase Program for Salaried Employees in
the United States
o General Motors Personal Savings Plan for Hourly-Rate Employees in the
United States
o Saturn Individual Savings Plan for Represented Members
o Saturn Personal Choices Savings Plan for Non-Represented Members
The Master Trust is composed of five commingled master trust investment
options: the GM $1-2/3 Common Stock Fund, the GM Class H Common Stock Fund, the
GM Class E Common Stock Fund, the Equity Index Fund and the Balanced Fund. Each
of these investment options is described in Note A. Each participating employee
benefit plan has an undivided interest in the net assets and changes therein of
each of the five master trust investment options.
The net investment income of each of the Master Trust investment funds is
allocated by the trustee to each participating plan based on that plan's
interest in each Master Trust investment fund, as compared with the total
interest in each Master Trust investment fund of all the participating plans at
the beginning of the month.
As of December 31, 1995, the Program had approximately a 20% interest in
the Master Trust.
- 10 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
The net assets available for benefits of all participating plans in the
Master Trust at December 31, 1995 are summarized as follows (dollars in
thousands):
ASSETS:
Investments, at fair value:
Common Stock:
General Motors $1-2/3 par value $4,696,965
General Motors Class E, $0.10 par value 759,539
General Motors Class H, $0.10 par value 261,927
Other Corporate 11,666
U.S. Government Securities 33
Common/Collective Trusts 1,612,315
Cash 103,410
---------
Total investments 7,445,855
Receivables:
Due from broker for investments sold 13,152
Accrued investment income 1,591
---------
Total receivables 14,743
---------
Total assets $7,460,598
=========
Liabilities -
Due to broker for securities purchased (186)
---------
Net assets available for benefits $7,460,412
=========
The total investment earnings of all participating plans in the Master
Trust for the year ended December 31, 1995 is summarized as follows (dollars in
thousands):
Interest $9,570
Dividends 125,249
Net appreciation in fair value
of investments:
Common stocks 1,296,102
U.S. Government securities 109
Common/collective trust 405,995
Registered investment company 9,301
----------
Total net appreciation in fair value
of investments 1,711,507
----------
Total investment earnings $1,846,326
==========
In 1994, the Corporation established a Master Trust agreement for the
assets of the Balanced Fund. The General Motors Balanced Fund Master Trust (the
"Balanced Fund Master Trust") permitted the commingling of Balanced Fund assets
among participating plans. Effective January 1, 1995, such Balanced Fund Master
Trust assets became a part of the Master Trust assets.
As of December 31, 1994, the Plan had approximately a 21% interest in the
Balanced Fund Master Trust. The net asset value of the Balanced Fund Master
Trust was calculated on a semi-monthly basis and was allocated to each
participating plan based on the plan's interest in the Balanced Fund Master
Trust, as compared with the total interest in the Balanced Fund Master Trust of
all the participating plans.
- 11 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
The assets of the Balanced Fund Master Trust at December 31, 1994 are
summarized as follows (dollars in thousands):
Equity investments $8,145
Fixed income investments 996
Commingled trust funds:
Pooled corporate obligations 13,305
Pooled common stock 15,751
Pooled multi-asset portfolio 19,319
Short-term investments and other
assets, net 917
------
Total $58,433
======
The Balanced Fund Master Trust's total investment return for the year ended
December 31, 1994 is summarized as follows (dollars in thousands):
Interest $111
Dividends 319
Commingled trust funds 347
Net depreciation in fair value
of investments (868)
------
Total Investment Loss ($91)
======
D. FUND INFORMATION
Contributions, investment income and distributions to participants by fund
are as follows for the years ended December 31, 1995 and 1994. Mutual fund
investment options which individually comprise less than 5% of the Plan's total
net assets available for benefits have been combined.
1995 1994
------------ -----------
(Dollars in Thousands)
Participant Contributions:
GM Savings Plans Master Trust $190,041 $ -
Income Fund 301,027 315,018
Mutual Funds 80,630 -
GM Corporation Common Stock Fund - 103,213
Balanced Fund - 4,728
Equity Index Fund - 94,536
------- -------
Total $571,698 $517,495
======= =======
Employer Contributions:
GM Savings Plans Master Trust $ 1,829 $ -
GM Corporation Common Stock Fund - 721
------- -------
Total $ 1,829 $ 721
======= =======
- 12 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
1995 1994
------------ -----------
(Dollars in Thousands)
Investment income:
Interest and Dividends
GM Savings Plans Master Trust $31,309 $ -
Income Fund 122,907 111,909
Mutual Funds 21,258 -
GM Corporation Common Stock Fund - 15,031
Balanced Fund - 88
Equity Index Fund - 8,452
------- -------
Total $175,474 $135,480
------- -------
Net appreciation (depreciation) in fair
value of investments
GM Savings Plans Master Trust 345,079 -
Mutual Funds 19,392 -
GM Corporation Common Stock Fund - (210,896)
Balanced Fund - -
Equity Index Fund - (4,777)
U.S. Government Savings Bond Fund - 142
------- -------
Total 364,471 (215,531)
------- -------
Total investment income (loss) $539,945 ($80,051)
======= =======
Distribution to Participants:
GM Savings Plans Master Trust ($49,842) $ -
Income Fund (103,603) (76,340)
Mutual Funds (12,155) -
GM $1-2/3 par value Common Stock Fund - (27,797)
Balanced Fund - (194)
Equity Index Fund - (8,597)
U.S. Government Savings Bond Fund - (127)
Participant Loans (4,876) (4,326)
------- -------
Total ($170,476) ($117,381)
======= =======
E. TERMINATION OF THE PLAN
Although it has not expressed any intent to do so, the Corporation has the
right to terminate the Plan subject to the provisions of ERISA. Such termination
of the Plan, if any, would not affect a participant's interest in assets already
in the Plan.
F. FEDERAL INCOME TAXES
In March 1991, the Plan was determined by the Internal Revenue Service (the
"IRS") to be a tax-qualified employee benefit plan, meeting the requirements of
Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the
"Code"), and the Trust established thereunder was determined to be exempt from
United States Federal income taxes under Section 501(a) of the Code. The Plan
has been amended since the effective date included in the determination by the
IRS. The Plan's fiduciary and tax counsel believe that the Plan is designed and
currently being operated in compliance with the applicable requirements of the
Code, and therefore no provision for income taxes has been included in the
Plan's financial statements.
- 13 -
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
G. PARTICIPANT UNIT DATA
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
GENERAL MOTORS SAVINGS PLANS MASTER TRUST
--------------------------------------------------------------------
GM GM GM
$1-2/3 Par Class E Class H
Common Stock Common Stock Common Stock Balanced Equity Index
Fund Fund Fund Fund Fund
----------- ----------- ---------- --------- ------------
(Units in Thousands)
<S> <C> <C> <C> <C> <C>
Quarter ended March 31
Plan number of units outstanding 9,590 100 37 1,409 30,830
Net asset value per unit $104.11 $100.63 $116.92 $10.56 $10.97
Quarter ended June 30
Plan number of units outstanding 9,031 87 36 1,474 32,137
Net asset value per unit $110.81 $112.57 $112.66 $11.22 $12.02
Quarter ended September 30
Plan number of units outstanding 8,505 91 34 1,580 33,368
Net asset value per unit $111.62 $118.11 $117.20 $11.85 $12.98
Quarter ended December 31
Plan number of units outstanding 7,742 87 32 1,752 35,173
Net asset value per unit $126.37 $134.71 $139.41 $12.41 $13.76
</TABLE>
- 14 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
G. PARTICIPANT UNIT DATA - Concluded
FOR THE YEAR ENDED DECEMBER 31, 1994
GM
Balanced Fund Equity Index
Master Trust Fund
------------- -----------
Quarter ended March 31
Plan number of units outstanding - 1,405
Net asset value per unit $ - $214.50
Quarter ended June 30
Plan number of units outstanding 114 1,418
Net asset value per unit $100.27 $215.35
Quarter ended September 30
Plan number of units outstanding 151 1,465
Net asset value per unit $102.73 $225.98
Quarter ended December 31
Plan number of units outstanding 138 1,387
Net asset value per unit $101.57 $225.78
Effective January 1, 1995, the Plan remeasured the bases used to determine
the number of units outstanding for the Balanced Fund and Equity Index Fund.
* * * * * *
- 15 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
H. SUBSEQUENT EVENTS
The following modifications were made to the Program subsequent to
December 31, 1995:
o The Corporation announced in 1995 its intention to split-off its
Electronic Data Systems ("EDS") wholly-owned subsidiary, subject to which all GM
Class E Common Stock would be exchanged for EDS Common Stock. Effective June 7,
1996, the split-off was consummated and as a result of the split-off, the GM
Class E Common Stock Fund was changed to the EDS Common Stock Fund. The EDS
Common Stock Fund will be eliminated in five years, during which time no new
contributions, loan repayments or exchanges into the EDS Common Stock Fund will
be permitted. Dividends, if any, paid on EDS Common Stock held by the Program
will be invested in the Income Fund investment option prior to allocation to
participant accounts.
- 16 -
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<CAPTION>
Current
Description of Investment Cost Value
- ------------------------------------------------ -------------- -------------
(Dollars in Thousands)
<S> <C> <C>
Value of Interest in General Motors
*Savings Plan Master Trust $1,113,826 $1,500,282
Fixed Income Fund 140,988 140,988
*Loan Fund - 287,372
*Fidelity Mutual Funds:
Mutual Fund
----------------------------
Fidelity 3,961 4,189
Puritan 16,216 17,218
Trend 1,449 1,312
Magellan 67,391 68,815
Contra Fund 35,982 37,063
Equity Income 10,128 10,856
Growth Company 11,743 12,194
Investment Grade 3,740 3,877
Growth & Income 16,552 18,175
Value 17,445 19,067
Government Securities 4,185 4,359
Retirement Growth 8,552 8,757
OTC Portfolio 7,941 8,021
Overseas 5,531 5,822
Europe 1,700 1,765
Pacific Basin 3,865 3,928
Real Estate 1,228 1,293
Balanced Fund 4,852 5,041
International Growth & Income 1,809 1,895
Capital Appreciation 1,949 1,924
Convertible Securities 1,758 1,768
Canada 947 1,046
Utilities 5,217 5,632
Blue Chip 63,316 65,298
Asset Manager 5,039 5,498
Disciplined Equity 4,248 4,189
Worldwide 4,923 5,043
Equity Income II 34,940 37,757
Stock Selector 6,406 6,380
Asset Manager - Growth 3,583 3,975
Diversified International 1,588 1,665
Asset Manager - Income 876 917
Dividend Growth 5,068 5,155
Fidelity Global Balanced 352 381
Fidelity Small Cap Stock 6,219 5,972
Global Bond 738 750
Fidelity Fifty 2,081 2,096
---------------------------- ------- -------
Total Mutual Funds 373,518 389,093
-------------------------------------------------------------------------------
</TABLE>
- 17 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
Continued
<CAPTION>
Current
Description of Investment Cost Value
- --------------------------------------------------------------- -------------- -------------
(Dollars in Thousands)
Investment Contracts: Maturity
Issuing Company Date Contract Rate
------------------ ---------- ----------- -------
<S> <C> <C> <C> <C> <C>
Principal 12/31/97 GA405451 6.32% 204,758 204,758
Metropolitan Life N/A GA13653 Variable 212,085 212,085
Metropolitan Life 12/31/96 GA12835 7.14% 187,749 187,749
Metropolitan Life N/A GA13635 Variable 105,087 105,087
New York Life** N/A GAO6867 Variable 210,732 210,732
New York Life N/A GA30331 6.30% 101,590 101,590
New York Life 12/31/96 GA06363 6.39% 112,607 112,607
New York Life 12/31/97 GA06363002 8.45% 66,520 66,520
New York Life 12/31/97 GA06363003 6.39% 113,832 113,832
John Hancock N/A GA7921SA86 6.13% 79,920 79,920
John Hancock 6/30/99 GAC7878SA85 6.14% 80,448 80,448
--------- ---------
Total Investment Contracts 1,475,328 1,475,328
--------- ---------
Total Investments $3,103,660 $3,793,063
========= =========
*Party-in-Interest
**Individual Separate Account
</TABLE>
- 18 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(Dollars in Thousands)
<CAPTION>
Purchases Sales
--------- ---------------------------------------
Identity of Purchase Sales Original Net Gain
Party/Broker Description of Asset Price Price Cost (Loss)
- ------------ -------------------------------- --------- ------- ------------ ------------
<S> <C> <C> <C> <C> <C>
SERIES REPORTABLE TRANSACTIONS
------------------------------
State Street Bank Fixed Income Fund $529,685 $388,697 $388,697 -
and Trust (158 purchases, 115 sales)
Metropolitan Life Investment Contract No. 12014 12,637 184,197 184,197 -
Insurance Co. (12 purchases, 14 sales)
Metropolitan Life Investment Contract No. GA13653 4,806 104,588 104,588 -
Insurance Co. (10 purchases, 1 sale)
Metropolitan Life Investment Contract No. GA13635 105,087 - - -
Insurance Co. (2 purchases, 0 sales)
New York Life Investment Contract No. GA06867 210,732 186,320 186,320 -
Asset Management. (12 purchases, 1 sale)
New York Life Investment Contract No. GA30331 101,590 - - -
(6 purchases, 0 sales)
Fidelity Investments Magellan Fund 87,926 21,540 20,645 895
(225 purchases, 214 sales)
SINGLE REPORTABLE TRANSACTIONS
------------------------------
Metropolitan Life Investment Contract No. 12014 - 155,625 155,625 -
Insurance Co. - Maturity
New York Life Investment Contract No. GA06867
- Maturity - 186,321 186,321 -
</TABLE>
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l:\secfiles\11-k\1995\gmpsp23.doc1
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-56753 of General Motors Corporation on Form S-8 of our report dated
June 10, 1996 appearing in this Annual Report on Form 11-K of The General
Motors Personal Savings Plan for Hourly-Rate Employees in the United States
for the year ended December 31, 1995.
s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
June 25, 1996
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