INSURANCE
Transamerica Life Moving 230 Jobs to North Carolina: Transamerica Life Cos., citing tax disadvantages in California, said it will change the domicile of its seven companies--Transamerica Life Insurance & Annuity Co.--to North Carolina. As a result, two of the company’s business units, with 230 employees, will be relocated by the end of 1996, Los Angeles-based Transamerica Life said. Because California taxes certain annuity and pension products that other states do not, the company incurs “retaliatory” taxes that can be avoided by changing its domicile to North Carolina, Transamerica Life said. About 1,700 Transamerica Life employees will remain in Los Angeles.
For the record:
12:00 a.m. Nov. 17, 1994 For the Record
Los Angeles Times Thursday November 17, 1994 Home Edition Business Part D Page 2 Column 6 Financial Desk 2 inches; 39 words Type of Material: Correction
Domicile change--Transamerica Life Insurance & Annuity Co., one of the seven companies within Transamerica Life Cos., will change its domicile from California to North Carolina. A news item in Wednesday’s editions said that all seven companies were changing their domiciles.
