Mickey Raines	- Download MP3-

“ We have defined-benefit pensions. I know you get the maximum from the pension after 25 years. ... I wasn’t looking ahead to retirement when I got this job. I didn’t know any difference between the defined-benefit plan and the 401(k)s, (which) were probably just coming into vogue at the time. ... If I were looking now, it would play a role. ... I think that’s one good thing about a defined-benefit plan — now that they have to start funding it pay-as-they-go. Now I’m feeling even more confident about it. ”
— Jean Smith, 54,
classification compensation analyst, city of Chattanooga

“ I don’t look at my pension as the financial foundation for my future when I retire. It is a supplement to that. At the time I retire I will probably have only been here 10 years so my pension would not be anything (large). But I will have other small pensions coming in from other employers. ... We have a defined-benefit plan with the city, which is very expensive to fund. ... It’s a major recruitment tool. I deal specifically with the new employees sometimes and that is definitely a question that gets asked is, ‘Do you have a pension?’ ”
— Stella Raymer, 56,
personnel analyst, city of Chattanooga

“ I would pretty much plan on continuing to work as long as I could, but as a back up I have a 401(k). Astec matches (employee contributions) 75 cents on every dollar up to 4 percent of gross income. ... I think that a lot of the younger people have seen how you can build wealth through a 401(k) plan and have seen this work. I think that more of our younger employees are getting into it now more than ever. ... I feel that there’s more security, really, with a 401(k) plan. So many pension plans are going away. ”
— Deborah Capp, 43,
 human resources director, Roadtec (subsidiary of Astec Industries)

“ I did 20 years in the military and decided I needed another job that I could work on ... and something that was going to offer me a nice extra income for retirement. ... By the time I get to be retirement age, all my extra military benefits will kick in. The teaching benefits will be the ones that will help me live out my later years. ... I’m very confident. I’m going to live to a ripe old age, buy me a Hoveround, make my rounds from the front porch to the mailbox to the airport and to the boat and back. I’m just going to do a lot of traveling. ”
— Edward Rowe, 50,
teacher, Dalewood Middle School

“ The pension plan was a key part of me coming to work at Erlanger. For me, it’s a good package. ... It’s going to be about 75 to 80 percent of my retirement.  ... I’m also a member of the 401(k) but I don’t participate greatly in it because I’ve got the Erlanger retirement. I guess if you start off at a young age with the 401(k) it may be fine, but when I came to work here back in ’78, the 401(k) wasn’t available. ... I’ve just used that as a back up to my retirement. ”
— Mickey Raines, 58,director of engineering, Erlanger

Compiled by Emily Bregel.
E-mail Emily Bregel at ebregel.timesfreepress.com