<SEC-DOCUMENT>0000059558-19-000054.txt : 20191220
<SEC-HEADER>0000059558-19-000054.hdr.sgml : 20191220
<ACCEPTANCE-DATETIME>20191220133029
ACCESSION NUMBER:		0000059558-19-000054
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:	333-231903
		FILM NUMBER:		191299391

	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>fwpagentsbrokersdcp.htm
<DESCRIPTION>FWP FOR AGENTS AND BROKERS DCP
<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. 333-231903</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 Lincoln National Corporation Deferred Compensation Plan for Agents and Brokers Summary
      Plan Description/Prospectus as well as a Notice of Changes relating to certain investment options under the Lincoln National Corporation Deferred Compensation Plan for Agents and Brokers (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 Nolan Financial Group&#8217;s website at: www.nolanlink.com, or contact Nolan Financial Group at 888-907-8633.</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 change to the Plan</u>:</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;"><u>(The first paragraph of &#8220;Upon a Qualifying Financial Hardship&#8221; on page 36 of the SPD/Prospectus)</u></div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Upon a Qualifying Financial Hardship.</font>&#160; In the event of
      a qualifying financial hardship, the Benefits Administrator will direct that you be paid from your Account balance an amount in cash sufficient to meet the financial hardship.&#160; Only Accounts with Elective Deferrals, Company Basic Match contributions
      and Company Discretionary Match contributions are eligible for withdrawal.&#160; Hardship distributions will be permitted only if you are faced with a severe financial hardship caused by an unforeseen emergency resulting from (a) a sudden and unexpected
      illness or accident of the participant, a dependent, or the participant&#8217;s Primary Beneficiary&#8221; (as defined below); (b) the need to pay for burial or funeral expenses for the participant&#8217;s spouse, a dependent, or Primary Beneficiary; (c) the loss of
      the participant&#8217;s property due to casualty; or (d) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant.&#160; For purposes of a qualifying financial hardship, a &#8220;Primary
      Beneficiary&#8221; is the individual who is named as a beneficiary under the Plan and has an unconditional right, upon the death of the participant, to all or a portion of the participant&#8217;s Account under the Plan.</div>
    <div><br>
    </div>
    <div>The Benefits Administrator determines if the hardship qualifies under the appropriate standards.&#160; Please note that it is very rare that a hardship meets these
      stringent criteria.</div>
    <div><br>
    </div>
    <div><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>
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    </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 Account 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>.&#160; </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z86c1a05e098c4cf492975c05f70c9023" 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>If you do not wish for an automatic mapping of these Account balances, please
        keep in mind that you can change your investment elections on your own at any time.&#160; If you have an Account balance 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 investment option being removed.&#160; Please log on to your Account at www.nolanlink.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 investment options or
        change where your future contributions are invested.</div>
    <div><br>
    </div>
    <div>Any transactions requested on January 28, 2020 (such as fund transfers) will not be processed while the fund change is being made but will process normally
      once the fund change is completed.&#160; Your Account, however, will continue to be credited with investment results during the change.</div>
    <div><br>
    </div>
    <div>If you are also a participant in any of Lincoln&#8217;s other non-qualified deferred compensation plans administered by Nolan Financial Group that utilize the same
      fund options as the Plan, please note that this same investment option change will impact the non-qualified plans at the same time.</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
        current balance and/or contribution elections under the Plan, contact Nolan Financial Group at 888-907-8633 or log on to your account at www.nolanlink.com.&#160;
        For more information about the Plan, please review the applicable Summary Plan Description (SPD).</div>
    <div><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">2</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><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9be2673a7ca848a0b3665fd717bc13d8" 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 double 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><font 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 </font>www.sec.gov<font style="font-weight: bold;">.&#160; Alternately, the issuer will arrange to send you the prospectus if you request it by contacting Nolan Financial Group at 888-907-8633.</font></div>
    <div><br>
    </div>
    <div><br>
    </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">3</font></div>
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</DOCUMENT>
</SEC-DOCUMENT>
