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STIFEL
NICOLAUS |
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Investment
StrategistTM
March 2009
Stifel Research Sweeps Both #1 Rankings in 2008 StarMine Survey
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Stifel is pleased to
announce that its Equity Research Group finished #1 in Stock
Picking and #1 in Earnings Estimate Accuracy out of 246 firms
in StarMine�s 2008 domestic rankings. Building upon the
momentum from its #1 rank in earnings estimate accuracy in
2007, Stifel has enhanced its record for high-quality research
by earning both #1 rankings in 2008.
�Our research effort is driven by
a simple premise: leverage our industry experience and
expertise to drive excess returns for our clients,� commented
Stifel Director of Research Hugh Warns. �Over 50% of
Stifel analysts have worked in the industries they cover, and
most of our analysts started at Stifel as associates. Over the
years, we have continued to invest in our research-driven
model, and Stifel research now stands as the fourth-largest
research department in the U.S., as measured by equities under
coverage.�
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�The bottom line is that these results
validate our strategy of providing unbiased, quality research to our
clients,� said Ronald J. Kruszewski, Chairman and CEO of Stifel,
Nicolaus & Company, Incorporated. �It is especially gratifying to earn
top honors in both disciplines in the same year. To earn a #1 ranking
in stock picking and a #1 ranking in earnings accuracy is an
achievement which I do not believe has ever been accomplished before.
I want to congratulate our Research team for their outstanding effort
and their consistent success in the quantitative surveys, such as
The Wall Street Journal�s
Best on the Street Survey and FT/StarMine survey over the
last five years.�
In compiling these rankings, StarMine
employs the same methodology used in its annual Best Brokerage
Analysts Survey, released in conjunction with the Financial Times. In
the most recent FT/StarMine survey, issued in May 2008, Stifel
research analysts won a total of 14 awards, ranking the firm eighth
among more than 235 firms. StarMine is one of the world�s largest and
most trusted sources of objective equity research performance ratings.
Its analytics and equity research management tools help investment
firms around the globe generate alpha and process equity information
more efficiently. StarMine pioneered the quantitative measurement of
research performance and has set standards of excellence for both
buy-side and sell-side equity research departments around the world.
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V i s i o n
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SNINS010901 |
Important
Changes Could Impact Your
Retirement Savings
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Keeping Tabs on IRA Contribution Limits
The contribution limit for both
traditional and Roth IRAs in 2009 is $5,000 per individual, with
additional catch-up contributions of $1,000 available for individuals
age 50 and older. These figures are unchanged from 2008. However, it�s
important to take note of some important changes that have been
enacted in 2009 that may impact your traditional or Roth IRA. In
particular, certain deductibility and eligibility limits related to
traditional and Roth IRAs have been adjusted for inflation.
Traditional IRA
Deductibility
Traditional IRA contributions are fully
deductible unless the individual is an �active participant� in an
employer-sponsored retirement plan. If an individual is an active
participant in his or her employer�s plan, the deductibility of an IRA
contribution will depend on the adjusted gross income (AGI) of the IRA
owner and his or her spouse, if married. The AGI levels for
deductibility by active participants have changed as follows:
| Individual Returns |
Joint Returns(AGI) |
| 2008 |
$53,000-$63,000 |
$85,000-$105,000 |
| 2009 |
$55,000-$65,000 |
$89,000-$109,000 |
Single Filer
A single individual who is an active
participant in a company-sponsored plan may deduct the full $5,000
contribution if his or her AGI is below $53,000 in 2008 ($55,000 for
2009). A partial deduction can be taken if his or her AGI is between
$53,000 and $63,000 in 2008 ($55,000 and $65,000 for 2009). No
deduction can be taken if his or her AGI exceeds $63,000 ($65,000 for
2009).
Married Filing Jointly
The status of each spouse is considered
independently. Spouses who are considered active retirement plan
participants may make fully deductible contributions if the couple�s
AGI is below $85,000 for 2008 ($89,000 for 2009). Partially deductible
IRA contributions may apply if the couple�s AGI is between $85,000 and
$105,000 ($89,000 and $109,000 for 2009), and no deduction may be
taken if the couple�s income exceeds $105,000 ($109,000 for 2009).
If one spouse is an active participant in
an employer-sponsored retirement plan and the other spouse is not, the
spouse that is not may make a fully deductible IRA contribution if the
couple�s AGI is less than $159,000 ($166,000 for 2009). A partial
deductible contribution may be made for a non-active spouse is if the
couple�s AGI is between $159,000 and $169,000 ($166,000 and $176,000
for 2009).
Roth IRA Contribution Eligibility
After-tax contributions may be made to Roth IRAs by
individuals whose AGI does not exceed these levels:
| Individual Returns |
Joint Returns(AGI) |
| 2008 |
$101,000-$116,000 |
$159,000-$169,000 |
| 2009 |
$105,000-$120,000 |
$166,000-$176,000 |
Partial Contributions
A partial contribution may be made for
single individuals whose AGI is between $101,000 and $116,000
($105,000 and $120,000 for 2009). For married couples filing a joint
return, a partial contribution may be made if their AGI is between
$159,000 and $169,000 ($166,000 and $176,000 for 2009). Note that
married couples filing separate returns are not eligible for Roth
contributions.
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Important Changes Could Impact Your Retirement Savings
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Roth Conversions
Roth conversions are currently available to
singles or couples whose AGI is $100,000 or less. However,
thanks to the Tax Increase Prevention and Reconciliation Act
of 2005, this limit will be eliminated starting in 2010. With
this new law, everyone � regardless of income � will be able
to convert their traditional IRAs into Roth IRAs.
2008 IRA Contribution Funding
Deadline
There is still time to contribute to your IRA
for 2008! 2008 IRA contributions must be made by the tax
return filing deadline, which is April 15, 2009 (not including
extensions).
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Required Minimum Distributions
Suspended for 2009
Due to the extraordinary economic
downturn, many Americans� retirement savings accounts have lost
substantial market value, and required minimum distributions (RMDs)
could further deplete their tax-deferred accounts. However, on
December 23, 2008, President Bush signed into law The Worker, Retiree,
and Employer Recovery Act of 2008. This act includes a provision that
provides relief by suspending RMDs for 2009. This one-year suspension
includes RMDs from IRAs and employer-sponsored defined contribution
retirement plans for account owners and beneficiaries.
How This Affects RMDs
Generally, IRA holders and participants
in employer-sponsored contribution plans (who are 5% or greater owners
of the business) who are over the age of 70 � are required to withdraw
a portion of their IRA or plan assets each year to satisfy their RMD.
Failure to do so can be costly, as the IRS imposes a 50% penalty on
the required amount if not taken by the due date. However, the 50%
penalty is waived for 2009 RMDs. This means that those individuals who
are scheduled to take an RMD for 2009 may choose to skip the
distribution completely, or continue to take all or a portion of the
RMD for the 2009 tax year.
First-Year RMDs
Note that this temporary suspension is
for 2009 RMDs only, and individuals who turned 70 � in 2008 and
elected to defer their first distribution to April 1, 2009, must still
take that 2008 distribution prior to April 1, 2009. On the other hand,
those turning 70 � in 2009 will be allowed to skip their 2009 RMD and
take their first RMD by December 31, 2010 (no delay to April 1, 2011
allowed for this distribution).
Beneficiaries Included
In addition to RMD waivers for IRA and
plan participants, beneficiaries who inherit deceased IRA or plan
participants� assets are also granted a 2009 RMD suspension.
Individuals currently taking periodic distributions from an inherited
IRA can stop withdrawals for 2009 and begin again in 2010, even if the
first RMD would have been paid in 2009.
If the five-year payout option was
previously selected, 2009 may be excluded as one of the five years for
determining the final payout. As an example, if an IRA or retirement
plan holder died in 2008, the account balance would have to be paid to
the beneficiary by the end of the fifth anniversary of death, which
would normally have occurred on December 31, 2013. However, by
eliminating 2009 as one of the years, the balance must be paid from
the inherited IRA or plan by December 31, 2014.
To Learn More
For more information on how current guidelines for IRA
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Account Disclosures
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Stifel, Nicolaus & Company, Incorporated
� Member SIPC and New York
Stock Exchange
� One
Financial Plaza, 501 North Broadway, St. Louis, Missouri 63102
� www.stifel.com
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