Transamerica is laying off 120 employees at its Cedar Rapids location. A Public Affairs official released the following statement on the layoffs:

"Transamerica recently undertook a strategic plan designed to enhance returns in an increasingly competitive environment. The first step in this plan was to functionalize the entire organization earlier this year, bringing all resources together as One Transamerica. Additional efforts have focused on enhancing returns through operational efficiencies, a rationalized and optimized portfolio, and a highly disciplined approach to expense management."

The cuts in Cedar Rapids are part of larger cuts across the country. The company is laying off 800 employees nationwide. Transamerica is also closing two offices in California, Los Angeles and Folsom, as well as West Chester, Ohio.

Transamerica told TV9 that shutting down offices and laying off employees is part of a larger effort in support of expense reductions and operational efficiencies. Transamerica hopes those change will help it invest in technology and capabilities to adapt to changes in its customers' needs.

Transamerica is helping laid off employees by offering separation benefits for eligible employees, including helping them find new employment.