Security Benefit cutting 120 jobs in Topeka

TOPEKA | Security Benefit says it will cut 120 jobs this year, including 70 at its headquarters in Topeka.

Security Benefit provides investment and retirement planning services. The cuts will amount to about 12 percent of its national workforce.

Security Benefit company announced the cuts on Tuesday, blaming current market conditions. The company also says it's keeping salaries flat, reducing compensation for key officers and eliminating non-essential operating expenses.

Chairman and chief executive officer Kris A. Robbins said in a statement that the moves would let Security Benefit protect the interests of policyholders and shareholders.