Important Information about the GM Common Stock Fund
If you participate in the GM-PSP, and you want to trade/buy GM Common Stock, you need to be aware of this information!!!!
Pay attention to the language I have highlighted in "RED" both at the top and bottom of the memo. This was posted on Socrates.
September 30, 2008
THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
Important Information about the GM Common Stock Fund
Due to higher than anticipated share purchases of the GM $1-2/3 Par Value Common Stock Fund (GM Common Stock Fund) in the General Motors Savings Plans (Savings-Stock Purchase Program (S-SPP) and the Personal Savings Plan (PSP)), GM has issued all of the shares that were registered for the two Plans. Therefore, effective with the trade date of September 29, 2008, all purchases into the GM Common Stock Fund, including participant-directed contributions and exchanges, are temporarily suspended. This includes employee contributions via Payroll, employer matching contributions (GM Match, 1% and 4% contributions and $1.00 per compensated hour contribution), exchanges into the fund from other S-SPP and PSP investment options, loan repayments, etc.
Participants who are interested in exchanging out of the GM Common Stock Fund may continue to do so at any time based on the provisions of the S-SPP and PSP, as applicable. Additionally, employees may change their contribution election at any time as described below. For those participants who are currently directing contributions (employee and employer) into the GM Common Stock Fund, unless a new direction is received, the funds will be invested in the default fund for the Plan in which they participate. This means that, until the temporary suspension for GM Common Stock Fund purchases is removed, employee and employer contributions to the S-SPP will be invested in the Pyramis Strategic Balanced Commingled Pool investment option, and employee and employer contributions to the PSP will be invested in the Pyramis Active Lifecycle Commingled Pool investment option with a target retirement date (as specified in the Pool’s name) closest to the year that the participant will attain the age of 65.
During this interim period, participants may change their investment option for their current contributions at any time by logging on to gmbenefits.com or by calling 1-800-489-4646 and updating their contribution election
It is anticipated that purchases and exchanges into the GM Common Stock Fund will be permitted again in mid-November.A separate communication will be distributed when the temporary suspension is removed and new purchases into the GM Common Stock Fund can be made.
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If you have any questions regarding this notice, please contact the GM Benefits & Services Center at 1-800-489-4646.
General Motors Corporation
