Daily News Podcast
Daily Newsletters
116 3rd St SE
Cedar Rapids, Iowa 52401
Transamerica will eliminate 42 jobs in Cedar Rapids
Latest layoffs follow elimination of more than 100 jobs in 2022
This rendering shows the Transamerica campus in southwest Cedar Rapids. The life insurance company, a subsidiary of AEGON Global Services, has announced it plans to eliminate 42 Cedar Rapids jobs in March. (Transamerica)
CEDAR RAPIDS — Transamerica Life Insurance Co., a subsidiary of AEGON Global Services, will lay off 42 people at its Cedar Rapids location, according to a Worker Adjustment and Retaining Notification Act notice filed Feb. 17.
A company spokesperson confirmed the layoffs Wednesday, saying affected employees have received at least 60 days’ notice. The earliest terminations will be March 21.
All of the positions eliminated will be at the company’s offices at 6400 C St. SW in Cedar Rapids, which currently has about 1,600 employees.
Last year, the company told The Gazette the Cedar Rapids offices employed 925 people. A spokesperson attributed fluctuations in office numbers to the COVID-19 pandemic and arrangements that allowed people to work from home.
“We recognize that this is difficult news, and we are keenly aware of the impact these actions have on our employees and their families,” the spokesperson said in an email. “We have met with affected colleagues to offer support and resources as they prepare to transition to other opportunities inside or outside of the company.”
As of Thursday, Transamerica’s website listed 69 open positions in Cedar Rapids and 95 work-from-home jobs in the U.S.
This is the fourth round of layoffs for Transamerica’s Cedar Rapids location in the last year. In June 2022, the company announced the elimination of 40 jobs. Another 15 positions were cut in September, and the company announced in October that it would eliminate 55 jobs by the end of 2022.
The latest layoffs are “across business lines and functions to adapt to changes in customer needs and demands,” the spokesperson said.
“This announcement does not impact the delivery of Transamerica’s current products and services,” an email from the company said. “While the company continues to execute its growth strategy and drive strong commercial momentum, like any business in our industry, Transamerica is impacted by market factors.”
Transamerica and its parent company, AEGON, employ nearly 2,400 people in Iowa.
Last June, Transamerica auctioned its 51-acre Cedar Rapids campus on Edgewood Road NE, near Highway 100, for $7.02 million. The property was purchased by HomeSmart International, which has offices in the Quad Cities and plans to develop the land.
Comments: 319-398-8465; sara.baranowski@thegazette.com
