Deseret Management is a for-profit operating company owned by The Church of Jesus Christ of Latter-day Saints. The corporation oversees Beneficial Financial Group, media company Bonneville International Corp., Deseret Book Co., Deseret News Publishing Co., Hawaii Reserves Inc., Temple Square Hospitality Corp. and Zions Securities Corp.

Willes said the Beneficial employees who are being laid off will receive generous severance packages, including outplacement assistance for up to six months, "so that you have a real chance at landing on your feet with a new job."

In addition to Beneficial's 214 Utah employees, the company has 155 Utah field agents among 478 total nationwide, according to Jarrell.

Willes said Deseret Management is working with "some major (insurance) carriers to help transition our field force to them," so the agents could sell other firms' insurance. Details of an agreement could be released by the end of the month.

Willes said that while the decision to downsize holdings in the insurance business was motivated in part by the current economic climate, the remaining Deseret Management businesses are not affected, and no cuts are planned in any other affiliated entities.

"This is a decision that is … very much a life-insurance company issue," Willes said. "It has nothing to do with Deseret News or Bonneville or others who are in completely different industries."

Burgon said that as he met with fellow colleagues on Tuesday, there was a sense of shock, but most expressed disappointment of potentially losing some of the relationships with friends they had formed over the years.

"It's a very close company," Burgon said. "There's a lot of employees with tenure here and a lot of young people. They become a part of this friendship."

"The question is, 'Do I start another career?' or 'Do I take a retirement at this time?' " he said.

He said that despite the sadness he feels about the news, he is grateful the company is providing employment assistance and severance to help those affected "get past this."

Burgon said that while the idea of retiring had been a consideration at some point in he future, he wasn't quite ready to leave the work force.

"It's always been in the back of my mind, but that's where it was — in the back of my mind," he said. "But now it's right here looking me straight in the face and now I've got to make that decision."

Founded in 1905 to help protect widows and orphans, Beneficial is the oldest life insurance company headquartered in the Intermountain West region, according to the company Web site.

Heber J. Grant, the seventh president of the LDS Church, encouraged creation of the company, according to the book "A Beneficial Century," about the company's history. Grant's father had died when he was an infant, leaving his mother widowed and penniless.

With the LDS Church becoming the majority shareholder in 1905 upon incorporation, the church leader also served as Beneficial's top executive, the book noted.

E-MAIL: jlee@desnews.com