<SEC-DOCUMENT>0000059558-19-000056.txt : 20191220
<SEC-HEADER>0000059558-19-000056.hdr.sgml : 20191220
<ACCEPTANCE-DATETIME>20191220133338
ACCESSION NUMBER:		0000059558-19-000056
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191220
DATE AS OF CHANGE:		20191220

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-228471
		FILM NUMBER:		191299407

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>fwpagents401k.htm
<DESCRIPTION>FWP FOR LNL AGENTS 401(K) PLAN
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Filed Pursuant to Rule 433<br>
      Registration No. 333-228471</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">December 20, 2019</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The following information is a Summary of Material Modifications to the LNL Agents&#8217; 401(k) Savings Plan Summary Plan Description/Prospectus as well as a
      Notice of Changes relating to certain investment options under the LNL Agents&#8217; 401(k) Savings Plan (the &#8220;Plan&#8221;).&#160; For more information about each of the investment options offered under the Plan (except for the LNC Stock Fund), you should log on to
      your account at www.lincolnfinancial.com or contact the Lincoln Customer Contact Center
        at 800-234-3500. </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;"><u>Effective as of January 1, 2020, the
          Plan Sponsor intends to make the following changes to the Plan</u>:</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Hardship Withdrawals</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">(Adding an eighth bullet point under the first paragraph on page 27 of the SPD/Prospectus)</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z91817c5bfe3844c7a1b8de4d0ab29755" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">expenses for the repair of damage to your principal residence that would qualify for the casualty deduction under Code section 165, determined
                without regard to Code section 165(h)(5) and whether the loss exceeds 10% of adjusted gross income.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">(The first bullet point under the second paragraph on page 28 of the SPD/Prospectus)</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z69fe79c9f8514f86a9a54ccc77d084dd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#10146;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">you must have first taken all distributions (other than hardship distributions) currently available under all plans that we and our affiliates
                maintain; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Investment Fund Changes:</div>
    <div><br>
    </div>
    <div>Effective January 28, 2020, the Macquarie Diversified Income CIT will change from Class A (formerly Class 36) to a newly created Class B.&#160; The good news is
      that this fund class change will result in lower fees!&#160; Any asset balances you have in, or contribution elections going to, Macquarie Diversified Income CIT Class A (formerly Class 36) will automatically map (or transfer) during the period described
      below to the new Macquarie Diversified Income CIT Class B <font style="font-weight: bold;">so you do not need to take any action</font>.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z045e0fe3d78c49738c2616c9e97b13fd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27.57%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">NEW FUND</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund Name</div>
          </td>
          <td style="width: 9.61%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses%</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses $</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses %</div>
          </td>
          <td style="width: 8.64%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses $</div>
          </td>
          <td style="width: 8.79%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td style="width: 8%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td style="width: 8.38%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr or since inception return %</div>
          </td>
          <td style="width: 11.23%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">Macquarie Diversified Income CIT Class B&#160; (556070308)</div>
          </td>
          <td style="width: 9.61%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.30%</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$3.00</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.30%</div>
          </td>
          <td style="width: 8.64%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$3.00</div>
          </td>
          <td style="width: 8.79%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">10.39% *</div>
          </td>
          <td style="width: 8%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">3.40% *</div>
          </td>
          <td style="width: 8.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">3.70% *</div>
          </td>
          <td style="width: 11.23%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">11/1/2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.57%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">REMOVED FUND</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund Name</div>
          </td>
          <td style="width: 9.61%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses%</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses $</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses %</div>
          </td>
          <td style="width: 8.64%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses $</div>
          </td>
          <td style="width: 8.79%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td style="width: 8%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td style="width: 8.38%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr or since inception return %</div>
          </td>
          <td style="width: 11.23%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">Macquarie Diversified Income CIT Class A - formerly Class 36 (24610F150)</div>
          </td>
          <td style="width: 9.61%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.36%</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$3.60</div>
          </td>
          <td style="width: 8.89%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.36%</div>
          </td>
          <td style="width: 8.64%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$3.60</div>
          </td>
          <td style="width: 8.79%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">10.39%</div>
          </td>
          <td style="width: 8%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">3.40%</div>
          </td>
          <td style="width: 8.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">3.70%</div>
          </td>
          <td style="width: 11.23%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">6/29//2011**</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt;">Average annual returns provided are representative of performance as of September 30, 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 8pt;">* All performance shown prior to the Macquarie Diversified Income Trust
      Class B inception is that of the Class 36 (now Class A) and Class 45. Past performance is no guarantee of future results. All periods longer than one year are annualized.</div>
    <div style="text-align: justify; font-size: 8pt;">** Macquarie Diversified Income Trust Class 36 (now Class A) commenced
        operations on 12/31/15. The inception date of the Macquarie Diversified Income Trust Class 45 was 6/29/2011.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>If you do not wish for an automatic mapping of these assets, please keep in mind
        that you can change your investment elections on your own at any time.&#160; If you have assets in the fund being removed, you can transfer the balance of that fund to any alternative funds available under the Plan by initiating a transfer prior to 4:00
        p.m. Eastern on January 27, 2020.&#160; In addition, you can make changes to your future contribution elections for the fund being removed.&#160; Please log on to your account at LincolnFinancial.com or visit LincolnFinancial.com/RetirementInfoCenter for more information on the available fund options.&#160; Of course, you could also wait until after the automatic mapping occurs if you wish to exchange funds or change where your
        future contributions are invested.</div>
    <div><br>
    </div>
    <div>Any transactions requested on January 28, 2020 (such as fund transfers, loans, or distribution transactions) will not be processed while the fund change is
      being made but will process normally once the fund change is completed.&#160; Your account will remain fully invested during the change.</div>
    <div><br>
    </div>
    <div>If you are also a participant in any of Lincoln&#8217;s non-qualified deferred compensation plans administered by Nolan Financial Group that utilize the same fund
      options as the Plan, please note that this same fund change will impact the non-qualified plans at the same time.</div>
    <div><br>
    </div>
    <div style="margin-right: 2.9pt;"><font style="font-weight: bold;">Note:</font>&#160;&#160; This Summary of Material
      Modifications/Notice of Changes also supplements the more comprehensive Annual Participant Fee Disclosure Notice (&#8220;Fee Disclosure Notice&#8221;) you received regarding certain plan and investment-related information (see charts 1 and 3 of the Fee
      Disclosure Notice).&#160; A copy of the most recent Fee Disclosure Notice is available on <font style="font-style: italic;">One</font> (Important Notices/Annual Notices) or you can request a
      copy by contacting the Lincoln Customer Contact Center at 800-234-3500.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Questions?<br>
        </font><br>
    </div>
    <div>If you have any questions about these changes, or would like to change your
        investment and contribution elections under the Plan, contact the Lincoln Customer Contact Center at 800-234-3500 (Monday &#8211; Friday, 8:00 a.m. &#8211; 8:00 p.m. Eastern) or log on to your account at LincolnFinancial.com.&#160; For more information about the Plan, please review the applicable Summary Plan Description (SPD).</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z29d8e8b92b694df6bfa281cc79b821d3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">This Summary of Material Modifications contains important information about the Plan</div>
            <div style="text-align: center; font-weight: bold;">and should be kept with your Summary Plan Description/Prospectus.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">**********</div>
    <div><br>
    </div>
    <div>All of the internet website addresses are provided for your convenience.&#160; None of the information contained in such websites shall be deemed incorporated by
      reference in this document.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.&#160;
      Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these documents free by visiting
      EDGAR on the SEC Web site at www.sec.gov.&#160; Alternately, the issuer will arrange to send you the prospectus if you request it by calling the Lincoln Customer Contact Center at 800-234-3500.</div>
    <div><br>
    </div>
  </div>
  <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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</SEC-DOCUMENT>
