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June 26, 2019

Lincoln Financial to shutter Rocky Hill office; 83 layoffs expected

lincoln national corp rocky hill Photo | LoopNet.com Lincoln Financial plans to vacate its Rocky Hill office at 55 Capital Blvd. in September. The closure will result in 83 layoffs.
By Joe Cooper

Lincoln Financial Corp. on Monday informed state labor officials it will close its Rocky Hill location, resulting in 83 layoffs.

The Pennsylvania-based company, which offers insurance and investment management services, notified the state Department of Labor (DOL) on Monday that its operations at 55 Capital Blvd. will cease Sept. 1.

The so-called WARN notice is required by federal law for employers to provide advance notification of major closings and layoffs.

Employees were first notified of the permanent closure in Aug. 2018. Employees impacted by the closure include dozens of claims specialists, several managers, two directors and two administrative assistants, officials said. There are no bumping rights at the location and affected employees are not represented by any union.

Lincoln Financial last year took over the leased office space from Boston’s Liberty Life Assurance Co., which it acquired for $3.3 billion.

“Following the acquisition of Liberty Mutual’s employee benefits business, we evaluated our geographic footprint and made a strategic business decision to consolidate our Group benefits claims resources in Rocky Hill into our other locations across the country,” a spokeswoman for Lincoln Financial told the Hartford Business Journal Wednesday. 

“We fully support our employees during this process, and are also committed to ensuring a seamless transition for our customers and claimants,” she continued.

The building is currently owned by Massachusetts-based KS Partners. It acquired the 10-acre property and the 435,600-square-foot office building on site for $8.5 million in Oct. 2012, according to the town’s assessor’s office.

 

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2 Comments

Anonymous
July 17, 2019

You fail to note that those employed at this location were offered very generous relocation packages and retention bonuses. Those who are being laid off are of their own choosing.

Anonymous
June 26, 2019

More jobs lost in "business friendly"Corrupticut.

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