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 year ended December 31, 2006
-----------------
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
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THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
----------------------------------------------
(Full title of the plan)
General Motors Corporation
300 Renaissance Center, Detroit, Michigan 48265-3000
----------------------------------------------------
(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:
Nick S. Cyprus
Controller and Chief
Accounting Officer
General Motors Corporation
300 Renaissance Center
Detroit, Michigan 48265-3000
1
FINANCIAL STATEMENTS AND EXHIBIT
--------------------------------
(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE Page No.
---------------------------------------------- --------
The General Motors Personal Savings Plan for
Hourly-Rate Employees in the United States:
Report of Independent Registered Public Accounting Firm 3
Statements of Assets Available for Benefits as of
December 31, 2006 and 2005 4
Statement of Changes in Assets Available for
Benefits for the Year Ended December 31, 2006 5
Notes to Financial Statements 6
Supplemental Schedule, Form 5500 Schedule H, Part IV,
Line 4i - Schedule of Assets (Held at End of Year)
as of December 31, 2006 13
All other schedules required by Section 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 have been omitted because they are not applicable.
(b) EXHIBIT
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Exhibit 23 - Consent of Independent Registered Public Accounting Firm
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant 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, 2007 By:
-------------
/s/G. Richard Wagoner, Jr.
---------------------------------
(G. Richard Wagoner, Jr.,
Chairman of the Board of Directors)
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator of The General Motors Personal Savings Plan
for Hourly-Rate Employees in the United States
We have audited the accompanying statements of 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, 2006 and 2005, and the related statement
of changes in assets available for benefits for the year ended December 31,
2006. 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 standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Plan is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plan's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, 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 assets available for benefits of the Plan as of December 31, 2006
and 2005, and the changes in assets available for benefits for the year ended
December 31, 2006 in conformity with accounting principles generally accepted in
the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) as of December 31, 2006, is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is 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 schedule is the
responsibility of the Plan's management. Such supplemental schedule has been
subjected to the auditing procedures applied in our audit of the basic 2006
financial statements and, in our opinion, is fairly stated in all material
respects when considered in relation to the basic financial statements taken as
a whole.
/s/Deloitte & Touche LLP
------------------------
DELOITTE & TOUCHE LLP
Detroit, Michigan
June 28, 2007
3
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2006 AND 2005
2006 2005
------- -------
(dollars in thousands)
ASSETS:
Investment in General Motors Savings
Plans Master Trust (Note D):
Investments, at fair value $8,694,025 $8,266,774
Loans 394,893 428,452
Employee contribution receivable 4,526 6,108
--------- ---------
ASSETS AVAILABLE FOR BENEFITS
AT FAIR VALUE 9,093,444 8,701,334
--------- ---------
Adjustment from fair value to
contract value for interest in
common collective trusts relating
to fully benefit-responsive
investment contracts (19,441) (11,399)
--------- ---------
ASSETS AVAILABLE FOR BENEFITS $9,074,003 $8,689,935
========= =========
Reference should be made to the Notes to Financial Statements.
4
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2006 (dollars in thousands)
ADDITIONS:
Net investment gain from General
Motors Savings Plans Master
Trust (Note D) $1,092,107
Employee contributions 405,201
---------
Total additions 1,497,308
DEDUCTIONS-
Distributions to participants (1,150,885)
TRANSFERS IN (Note E) 37,645
---------
NET INCREASE 384,068
ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 8,689,935
---------
End of year $9,074,003
=========
Reference should be made to the Notes to Financial Statements.
5
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006 AND 2005 AND
FOR THE YEAR ENDED DECEMBER 31, 2006
A. THE PLAN
Following is a brief description of the Plan that 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.
GENERAL - General Motors Corporation (the "Corporation" or "GM") and certain
unions have established The General Motors Personal Savings Plan ("PSP") for
Hourly-Rate Employees in the United States (the "Plan"), a defined
contribution plan. Generally, eligible hourly-rate full-time and part-time
employees may participate and accumulate savings under the Plan on the first
day of the first pay period following the attainment of seniority, as defined
in the Plan. Except for purposes of investment of Plan assets, until June 30,
2006 the Investment Funds Committee of the Corporation's Board of Directors
acted as the Plan fiduciary and, along with various officers, employees, and
committees, with authority delegated from the Plan fiduciary, controlled and
managed the non-investment operation and administration of the Plan subject to
the provisions of the Employee Retirement Income Security Act of 1974
(the "Trustee"), as amended (ERISA). Effective June 30, 2006, State Street
Bank and Trust Company began serving as the independent fiduciary and
investment manager of the Plan for the GM $1-2/3 Par Value Common Stock Fund.
General Motors Investment Management Corporation ("GMIMCO") is the named
fiduciary of the Plan for purposes of investment of Plan assets, with the
exception (commencing on June 30, 2006) of the GM $1-2/3 Par Value Common
Stock Fund. This Plan is subject to the provisions of ERISA.
PARTICIPANT CONTRIBUTIONS - An eligible participant employed by the
Corporation ("an Eligible Employee") may elect to contribute to the Plan as
follows in accordance with provisions and within the applicable Federal
limits.
o On a pre-tax basis ("Deferred Savings"), an amount of Eligible Earnings
which is the lesser of (1) $15,000 for 2006 or (2) up to 60% for 2006
of the Employee's Eligible Earnings for a calendar year.
o On an after-tax basis ("After-Tax Savings"), up to 60% for 2006 of an
Employee's Eligible Earnings as defined in the Plan.
o Effective July 1, 2006, eligible Employees have the opportunity to
participate in the Roth Savings feature on an after-tax basis.
Participants may contribute up to 60% of an Employee's Eligible
Earnings as defined in the Plan. Roth Savings contributions are
combined with Deferred Savings for purposes of applying the $15,000
contribution limit for 2006.
o In lieu of receiving a distribution from The General Motors Profit Sharing
Plan for Hourly-Rate Employees in the United States, an Employee may elect
to have the Corporation contribute, as Deferred Savings to the extent
permissible under tax law, up to 100%, in 1% increments, of any such
amount, which vests immediately.
o In lieu of receiving a Suggestion Award Payment from the Corporation,
an Employee may elect to have the Corporation contribute up to 100%,
in 1% increments, of their Suggestion Award Payment as Deferred Savings
and/or After-Tax Savings to the extent permissible under tax law.
o An Employee age 50 or older, or who will attain age 50 by the end of
the calendar year, is eligible to make catch-up contributions to his
or her account. A catch-up contribution may be made on a "pre-tax" or
"Roth after-tax basis up to the annual limit ($5,000 in 2006) set
forth by the Internal Revenue Service (the "IRS"), and only after a tax
law limit has been reached, such as the 401(k) annual contribution
limit ($15,000 in 2006).
6
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
An Employee's contributions will be invested at the Employee's direction, in
10% increments, in any of the Plan's investment options with the exception of
those funds which are restricted from new contributions as described in the
Plan. As such, Participants are permitted to self-direct 100% of Employee
contributions in any of the Plan's investment options.
An Employee also may elect to combine the contribution methods disclosed
above (pre-tax, after-tax and Roth after-tax contributions), provided that
the sum of these contributions does not total more than 60% of Eligible
Earnings for any calendar year. The sum of the above described methods of
contributions are considered "employee contributions". Employee contributions
may only exceed 60% of Eligible Earnings by an amount equal to any
combination of (1) the payout under the Profit Sharing Plan, (2) the
Suggestion Award Payment, and (3) the catch-up contributions.
EMPLOYER CONTRIBUTIONS - There are no employer contributions, except for
certain Employees hired on or after January 1, 1994, the Corporation may
contribute an amount equal to a certain percent (based on local units
competitive hire agreements) of eligible weekly earnings to such
participants' accounts in the form of the Corporation's $1-2/3 Par Value
Common Stock. Such participants must be in the Plan for at least three years
to be vested in assets acquired with employer contributions, at which time
the participant may transfer such assets to other available investment
options. There were no employer contributions made in the last three years,
accordingly, all assets are considered participant-directed. Forfeitures, if
any, are used to offset future employer contributions. There were no employer
contributions made in 2006.
VESTING - Assets derived from employee contributions vest immediately upon
allocation to the employee's account.
FUND EXCHANGES - Subject to the excessive trading policy, participants may
generally exchange funds between investment options on any business day on
which the New York Stock Exchange is open ("Business Day"). The excessive
trading policy includes a monitoring process limit of one roundtrip
transaction per fund within any rolling 90-day period, subject to an overall
limit of four round-trip transactions across all funds in the Plan over a
rolling 12 month period. A roundtrip transaction occurs when an exchange into
and out of a fund option within a 30 day period is executed. Systematic
contributions and withdrawals (i.e. regular payroll deductions, loan
payments, hardship withdrawals) as permitted under the Plan and do not count
as exchanges under the excessive trading policy.
REDEMPTION FEES - From time to time, certain funds within the Plan may impose
a redemption fee if an investment is held for less than a stated period. If
applicable, these fees are disclosed in the individual mutual fund
prospectuses as well as the Plan prospectus which contains additional
information about each fund. The redemption fees are paid to the respective
funds and help protect the funds' shareholders by discouraging frequent
trading in response to or in anticipation of short-term market fluctuations.
PARTICIPANT LOANS - Participants may borrow once per year from their pre-tax
Deferred Savings, After-Tax Roth Savings and after-tax Savings. The amount
and terms of the loans are limited under the Plan. The loan interest rate
will be established once each quarter at a rate equal to the prime lending
rate as of the previous quarter-end published by the Wall Street Journal and
will apply to all new loans issued during the quarter. Loan repayments are
generally made through after-tax payroll deductions and are invested in the
same investment options that the participant originally selected for their
savings contributions. Interest paid on a Plan loan is credited back to the
borrowing employee's account in the Plan. Partial and total prepayment of
loans is permitted at any time, without penalty. Loans not repaid within the
loan term are deemed to be distributions from participant's accounts. The
outstanding balances of participant loans amount to approximately $395 million
and $428 million as of December 31, 2006 and 2005, respectively.
7
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
PARTICIPANT WITHDRAWALS - A participant may withdraw Deferred Savings in
their account at any time after attaining age 59-1/2. Prior to age 59-1/2,
After-Tax Savings may be withdrawn at any time however, Deferred Savings may
only be withdrawn because of severance from 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 reason for a
hardship distribution must conform to conditions required by the IRS.
Effective January 1, 2006, a participant who receives a hardship withdrawal
shall have his or her contributions to the Plan suspended for 6 months
following the withdrawal. Prior to January 1, 2006, the suspension period was
12 months from the date of receiving a hardship withdrawal.
PAYMENT OF BENEFITS - Upon severance from employment, a participant may elect
to leave his or her assets in the plan or take a distribution in accordance
with Plan provisions equal to the value of the participant's vested assets in
his or her account.
PLAN ADMINISTRATION - The Corporation pays certain costs of Plan
administration.
INVESTMENT OPTIONS - An Employee's contributions will be invested at the
Employee's direction, in 1% increments, in any of the investment options
available in the Plan, of which there are approximately 70.
GM $1-2/3 Par Value Common Stock Fund - Under this investment option, the
Trustee invests contributions primarily in General Motors Corporation's
common stock. Each unit represents a proportionate interest in all of the
assets of the GM $1-2/3 Par Value Common Stock Fund. The number of units
credited to each participant's account within an applicable plan will be
determined by the amount of the participant's contributions and the purchase
price of a unit in the 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. The
return on a participant's investment is based on the value of units, which,
in turn, is determined by the market price of General Motors Corporation's
common stock, the amount of any dividends paid thereon, and by interest
earned on short-term investments held by the GM $1-2/3 Par Value Common Stock
Fund.
Each participant directs the Trustee how to vote common stock shares
allocated to his or her account. To the extent consistent with applicable
law, the Trustee will not exercise voting rights with respect to those shares
for which direction has not been received by the required deadline.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
BASIS OF ACCOUNTING - The financial statements of the Plan are prepared under
the accrual method of accounting in accordance with accounting principles
generally accepted in the United States of America.
USE OF ESTIMATES - The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, and changes therein, and disclosure
of contingent assets and liabilities. Due to the inherent uncertainty
involved in making estimates, actual results could differ from those
estimates.
8
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
RISKS AND UNCERTAINTIES - The Plan and master trust utilize various
investment instruments including U.S. government securities, corporate debt
instruments, and corporate stocks. Investment securities, in general, are
exposed to various risks, such as interest rate, credit, and overall market
volatility. Due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes,
could materially affect the amounts reported in the financial statements.
ADOPTION OF NEW ACCOUNTING GUIDANCE - The financial statements reflect the
retroactive adoption of Financial Accounting Standards Board Staff Position,
FSP AAG INV-1 and SOP 94-4-1, Reporting of the Fully Benefit-Responsive
Contracts Held by Certain Investments Companies Subject to the AICPA
Investment Company Guide and Defined-Contribution Health and Welfare and
Pension Plans (the "FSP"). Investment contracts held by a
defined-contribution plan are required to be reported at fair value. However,
contract value is the relevant measurement attribute for that portion of the
assets available for benefits of a defined-contribution plan attributable to
fully benefit-responsive investment contracts because contract value is the
amount participants would receive if they were to initiate permitted
transactions under the terms of the plan. The Plan invests in investment
contracts through the General Motors Savings Plan Master Trust (the "Master
Trust"). The statement of assets available for benefits presents the fair
value of the investment in the Master Trust as well as the adjustment of the
investment in the Master Trust from fair value to contract value relating to
investment contracts. The statement of changes in assets available for
benefits is prepared on a contract value basis. The statement of changes in
assets available for benefits is presented on a contract value basis and was
not affected by the adoption of the FSP. The adoption of the FSP did not
impact the amount of assets available for benefits at December 31, 2005.
INVESTMENT VALUATION - The Plan's investments are stated at fair value,
except for benefit-responsive investment contracts, which are stated at
contract value. Fair values are calculated by reference to published market
quotations, where available; where not available for certain
common/collective trusts, various bases, including cost, are used in
determining estimates of fair values. Contract value represents contributions
and withdrawals made under the investment contracts plus credited earnings,
which are net of expenses charged to synthetic contracts.
Security transactions are recorded on a trade-date basis. Investment income
is recognized as earned based on the terms of the investments and the periods
during which the investments are owned by the Plan.
PAYMENT OF BENEFITS - Distributions to participants are recorded upon
distribution.
C. INVESTMENTS
All of the investments in the Plan are held in the Master Trust as more fully
described in Note D. All investments in the Master Trust are
participant-directed.
D. THE MASTER TRUST
The Corporation established the Master Trust pursuant to a trust agreement
between the Corporation and State Street Bank and Trust, as trustee of the
Master Trust, in order to permit the commingling of trust assets of multiple
employee benefit plans for investment and administrative purposes. The assets
of the Master Trust are held by State Street Bank and Trust.
Employee benefit plans participating in the Master Trust as of December 31,
2006 consist of 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 General Motors Income Security Plan for Hourly-Rate Employees
9
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
Each participating employee benefit plan has an undivided interest in the net
assets and changes therein of each of the Master Trust investment options in
which the respective plan participates.
The net investment income of the commingled Master Trust investment funds is
allocated by the Trustee to each participating plan based on that plan's
interest in each commingled Master Trust investment fund, as compared with
the total interest of all the participating plans, in each commingled Master
Trust investment fund at the beginning of the month. For all other investment
options, the net investment income is separately earned by the respective
employee benefit plan, and is thus recorded separately in the accounting
records of the respective plan.
As of December 31, 2006 and 2005, the Plan had approximately a 43% interest
in the Master Trust.
The net assets available for benefits of the Master Trust at December 31, 2006
and 2005 are summarized as follows (dollars in thousands):
ASSETS: 2006 2005
------- -------
Investments at fair value:
General Motors Corporation $1-2/3 Par
Value Common Stock $1,915,259 $1,408,635
Other common stock 383,045 374,283
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Total common stock 2,298,304 1,782,918
Promark Income Fund 6,636,266 6,755,020
Promark Large Cap Index 1,652,398 1,764,993
Other common collective trusts 1,813,938 1,581,589
---------- ----------
Total common collective trusts 10,102,602 10,101,602
Mutual funds 8,240,383 7,715,576
Loan funds 605,630 661,909
---------- ----------
Total investments at fair value 21,246,919 20,262,005
Receivables - accrued investment income 4 95
---------- ----------
Total assets $21,246,923 $20,262,100
========== ==========
LIABILITIES-
Due to broker for securities purchased 2,855 2,203
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS
AT FAIR VALUE $21,244,068 $20,259,897
========== ==========
Adjustment from fair value to contract value for
interest in common collective trusts relating
to fully benefit-responsive investment contracts (38,521) (22,924)
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $21,205,547 $20,236,973
========== ==========
10
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
The net investment gain of the Master Trust for the year ended December 31,
2006 is summarized as follows (dollars in thousands):
Interest 34,352
Net appreciation in fair value of investments:
General Motors Corporation $1-2/3
Par Value Common Stock 821,791
Other common stock 162,068
Mutual funds 1,031,320
Common collective trusts:
Promark Income Fund 354,795
Promark Large Cap Index 244,470
Other common collective trusts 281,061
---------
Total net appreciation 2,895,505
---------
Total net investment gain $2,929,857
=========
E. TRANSFERS
On April 12, 1999, the GM Board of Directors approved the complete separation
of Delphi by means of a spin-off, which was completed on May 28, 1999. Prior
to the spin-off, GM established the Delphi Personal Savings Plan (the "Delphi
Plan"), modeled after the GM Plan. On May 28, 1999, for those employees who
elected to do so, assets representing Delphi participants' holdings in the GM
Plan were transferred and reinvested under the corresponding investment
options in the Delphi Plan. As a result of the separation, the Delphi Plan
was separated from the GM Plan, and is now administered by Delphi as a
separate plan. On a very limited basis, participants may elect to transfer
their holdings between the Delphi and GM Plans.
F. TERMINATION
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 Plan
termination, if any, would not affect a participant's interest in assets
already in the Plan.
G. FEDERAL INCOME TAX STATUS
By letter dated August 15, 2005, the IRS has determined and informed the
Corporation that the Plan is a tax-qualified employee benefit plan, meeting
the requirements of Sections 401(a) and 401(k) and 4975(e) (7) of the
Internal Revenue Code of 1986, as amended (the "Code"), and the Trust
established there under was determined to be exempt from United States
Federal income taxes under Section 501(a) of the Code. The Plan's fiduciary
and tax counsel believe that the Plan is designed and currently being
operated in compliance with the applicable requirements of the Code, and
therefore no provision for income taxes has been included in the Plan's
financial statements.
H. RELATED PARTY TRANSACTIONS
The Plan and Master Trust enter into certain related party transactions.
These generally include investments with trustees, fund managers, the
Corporation and its subsidiaries. Such transactions are within the scope of
the investment guidelines.
11
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Concluded
I. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits
per the financial statements to the Form 5500.
December 31, December 31,
2006 2005
------------ -------------
Assets available for benefits per the
financial statements $9,074,003 $8,689,935
Add: Adjustment from contract value to
fair value for interest in common
collective trusts relating to fully
benefit responsive investment contracts 19,441 11,399
--------- ---------
Assets available for benefits per the
Form 5500 $9,093,444 $8,701,334
========= ========
The following is a reconciliation of total net investment gain from the General
Motors Savings Plan Master Trust per the financial statement to the Form 5500.
December 31,
2006
------------
Total net investment gain from the General Motors
Savings Plan Master Trust per the financial statement $1,092,107
Add: Adjustment from contract value to fair value for
interest in common collective trusts relating to fully
benefit-responsive investment contracts 19,441
---------
Total investment gain per the Form 5500 $1,111,548
=========
J. SUBSEQUENT EVENTS
o Effective March 30, 2007 the following four restricted funds were
removed as investment options from the PSP. Any assets in these
restricted funds as of March 30, 2007 were transferred automatically
to the Promark Income Fund.
- DIRECTV Group Common Stock Fund
- News Corporation Non-Voting Common Stock Fund
- Electronic Data Systems Corporation Common Stock Fund
- Raytheon Company Common Stock Fund
o Effective immediately after the close of business on June 29, 2007, the
following changes will be made to the Plan:
o Certain investment options that are currently available in the
Plan will be removed.
o Certain new investment options will be added.
o The investment options that are being removed will no longer be
available for participant contributions, loan repayments or
exchanges.
o Participant account balances (as well as contributions and loan
repayments) that are in the investment options that are being
removed will be transferred to other available options, subject to
the next sentence.
o Participant account balances that are in investment options that are
being removed and that assess short-term trading (redemption) fees
will be transferred to other available investment options after the
relevant holding period expires.
o The Pyramis Strategic Balanced investment option will become the
default option for certain contributions and loan repayments for
participants who have not designated other available investment
options for those amounts.
12
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Form 5500, SCHEDULE H, Part IV, Line 4i-
Schedule of Assets (Held at End of Year)
DECEMBER 31, 2006 (dollars in thousands)
Identity of Issuer, Borrower, Lessor or Similar Party Current Value
* Participant loans, maturing through
December 31, 2016 with rates ranging
from 4.0% to 9.5% $394,893
=======
* Denotes parties-in-interest
13