<SEC-DOCUMENT>0000059558-20-000014.txt : 20200221
<SEC-HEADER>0000059558-20-000014.hdr.sgml : 20200221
<ACCEPTANCE-DATETIME>20200221150822
ACCESSION NUMBER:		0000059558-20-000014
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200221
DATE AS OF CHANGE:		20200221

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:		20639395

	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>fwpagents401k2020.htm
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433<br>
      Registration No. 333-228471</div>
    <div style="text-align: right; font-weight: bold;">February 21, 2020</div>
    <div style="text-align: right; font-weight: bold;"> <br>
    </div>
    <div style="text-align: right; font-weight: bold;">
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">The following information is a Summary of Material Modifications/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 LincolnFinancial.com or contact the Lincoln Customer Contact Center
        at 800-234-3500.</div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">
        <div style="font-family: 'Times New Roman', Times, serif;">The State Street Target Retirement Fund options offered in the Plan are changing as follows:</div>
        <div><br>
        </div>
        <div><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">State Street Target Retirement 2015 Fund/State Street Target Retirement Income Fund:</font></div>
        <div><br>
        </div>
        <div style="font-family: 'Times New Roman', Times, serif;">Effective March 24, 2020, the Target Retirement 2015 Fund &#8211; Class W ("2015 Fund") will merge into and become part of the Target Retirement Income Fund &#8211; Class W ("Income Fund").&#160; The Income
          Fund, designed for those participants who are in retirement, does not evolve its mix of stocks and bonds.&#160; As such, it has the lowest exposure to stocks compared to other State Street Target Retirement Funds.</div>
        <div><br>
        </div>
        <div style="font-family: 'Times New Roman', Times, serif;">The 2015 Fund was designed to evolve to reduce its exposure to stocks until its mix of investments matched the Income Fund (i.e., they eventually would have the same asset allocation).&#160;
          Because the 2015 Fund now mirrors the Income Fund, the 2015 Fund is being merged into the Income Fund.</div>
        <div><br>
        </div>
        <div style="font-family: 'Times New Roman', Times, serif;">Any asset balances you have in, or contribution elections going to, the 2015 Fund will automatically map (or transfer) after close of business on March 23, 2020 to the Income Fund <font style="font-weight: bold;">so you do not need to take any action</font>.&#160; Beginning March 24, 2020, you will no longer see the 2015 Fund in your account; instead you will see the Income Fund.<br>
          <div><br>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td colspan="2" style="width: 48.56%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-weight: bold;"> Removing:</div>
                  </td>
                  <td colspan="2" style="width: 51.44%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-weight: bold;">Existing fund that assets and contribution</div>
                    <div style="text-align: center; font-weight: bold;">elections will be mapped to:</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 12.45%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                    <div>85744W374</div>
                  </td>
                  <td style="width: 36.1%; vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                    <div style="margin-right: 2.7pt;">State Street Target Retirement 2015 Fund &#8211; Class W</div>
                  </td>
                  <td style="width: 12.28%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                    <div>85744W267</div>
                  </td>
                  <td style="width: 39.16%; vertical-align: middle; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
                    <div style="margin-right: 2.7pt;">State Street Target Retirement Income Fund &#8211; Class W</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;"><br>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z1a77076fe26b49749dc1acc429240f91">

            <tr>
              <td style="width: 27.94%; 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>&#160;</div>
                <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund Name</div>
              </td>
              <td style="width: 9.32%; 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: 9.01%; 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: 9.01%; 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: 9.01%; 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: 8.11%; 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: 8.11%; 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: 8.11%; 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: 11.37%; 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: 27.94%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">State Street Target Retirement 2015 Fund Class W&#160; (85744W374)</div>
              </td>
              <td style="width: 9.32%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">0.10%</div>
              </td>
              <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">$1.00</div>
              </td>
              <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">0.10%</div>
              </td>
              <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">$1.00</div>
              </td>
              <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">13.70%</div>
              </td>
              <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">4.92%</div>
              </td>
              <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="font-size: 8pt;">&#160;&#160;&#160;7.21%</div>
              </td>
              <td style="width: 11.37%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">9/30/2009</div>
              </td>
            </tr>
            <tr>
              <td style="width: 27.94%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt; font-weight: bold;">Mapped Fund</div>
                <div>&#160;</div>
                <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund Name</div>
              </td>
              <td style="width: 9.32%; 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: 9.01%; 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: 9.01%; 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: 9.01%; 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: 8.11%; 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: 8.11%; 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: 8.11%; 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: 11.37%; 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: 27.94%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">State Street Target Retirement Income Fund Class W&#160; (85744W267)</div>
              </td>
              <td style="width: 9.32%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">0.10%</div>
              </td>
              <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">$1.00</div>
              </td>
              <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">0.10%</div>
              </td>
              <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">$1.00</div>
              </td>
              <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">13.23%</div>
              </td>
              <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">4.48%</div>
              </td>
              <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">5.52%</div>
              </td>
              <td style="width: 11.37%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div style="text-align: center; font-size: 8pt;">6/30/2009</div>
              </td>
            </tr>

        </table>
        <div style="margin-top: 3pt; font-family: 'Times New Roman', Times, serif;">Average annual returns provided are representative of performance as of December 31, 2019.</div>
        <div style="margin-top: 3pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
        <div style="font-family: 'Times New Roman', Times, serif;">
          <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 2015 Fund, 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 Time on March 23, 2020.&#160; In addition, you can change your future contribution election for the 2015 Fund prior to </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div>4:00 p.m. Eastern Time on March 23, 2020.&#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>You may request transactions on March 24, 2020 (such as fund transfers, loans, or distribution transactions); however, they will not be processed while the fund change is being made but will process normally once the fund change is
            complete.&#160; Transactions requested via the web on the effective date of fund change will process normally once the fund change is complete.&#160; Transactions requested through the Lincoln Customer Contact Center will process next day.&#160; Your account
            will remain fully invested during the change.</div>
          <div>
            <div><br>
            </div>
            <div style="margin-left: 7.2pt; margin-top: 12pt;"><font style="font-weight: bold;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 28.8pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">State
                Street Target Retirement 2065 Fund:</font></div>
            <div style="margin-left: 7.2pt; margin-top: 12pt;">Effective March 24, 2020, the newest addition to the State Street Target Retirement Fund options &#8211; the Target Retirement 2065 Fund - Class W ("2065 Fund") will be added to the Plan.&#160; The 2065
              Fund, designed for those participants whose retirement is over 40 years away, invests in a mix of stocks and bonds and will adjust its mix of investments automatically over time to stay appropriate with a participant&#8217;s age.</div>
            <div><br>
            </div>
            <div style="margin-left: 7.2pt;">The 2065 Fund will be the Qualified Default Investment Alternative (&#8220;QDIA&#8221;) for those participants who have not made an affirmative investment election under the Plan and for whom the Fund most closely matches
              the year such participants attain age 65.</div>
            <div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb963b83c99b947b99db4e03044eb2e40">

                  <tr>
                    <td style="width: 27.94%; 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: 9.32%; 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: 9.01%; 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: 9.01%; 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: 9.01%; 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: 8.11%; 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: 8.11%; 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: 8.11%; 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: 11.37%; 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: 27.94%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">State Street Target Retirement 2065 Fund Class W&#160; (857480339)</div>
                    </td>
                    <td style="width: 9.32%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">0.10%</div>
                    </td>
                    <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">$1.00</div>
                    </td>
                    <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">0.10%</div>
                    </td>
                    <td style="width: 9.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">1.00</div>
                    </td>
                    <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">24.98%*</div>
                    </td>
                    <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">n/a</div>
                    </td>
                    <td style="width: 8.11%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">n/a</div>
                    </td>
                    <td style="width: 11.37%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-size: 8pt;">1/1//2020</div>
                    </td>
                  </tr>

              </table>
              <div>Average annual returns provided are representative of performance as of December 31, 2019.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-size: 8pt;">* All performance shown prior to the 2065 Fund inception is that of the State Street Target Retirement 2060 Fund &#8211; Class W. Past performance is no guarantee of future results. All periods
                longer than one year are annualized.</div>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="margin-left: 7.2pt;"><font style="font-weight: bold;">Note:</font>&#160; If you failed to make an affirmative election of another investment option under the Plan, your contributions and account are defaulted into the State Street
                Target Retirement Fund that most closely matches the year in which you attain age 65.&#160; This fund is considered your &#8220;QDIA&#8221;.</div>
              <div><br>
              </div>
              <div style="margin-left: 7.2pt;">Effective March 25, 2020, if your contributions have been defaulted into the State Street Target Retirement 2060 Fund (&#8220;2060 Fund&#8221;), the account balance in the 2060 Fund will move automatically into the 2065
                Fund if the 2065 Fund more appropriately matches the year in which you attain age 65.&#160; Future contributions will also be directed to the 2065 Fund.&#160; If this situation applies to you and you do not want your account balance moved from the
                2060 Fund to the 2065 Fund, an investment change can be made by logging in to your account at LincolnFinancial.com.&#160; You can also contact the Lincoln Customer Contact Center at 800-234-3500.</div>
              <div><br>
              </div>
              <div style="margin-left: 7.2pt;">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 style="text-align: justify; margin-right: 11.8pt; margin-left: 7.2pt; font-weight: bold;">Qualified Default Investment Alternative (&#8220;QDIA&#8221;)</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 11.8pt; margin-left: 7.2pt;">As a result of the above described changes to the State Street Target Retirement Fund options, the funds comprising the Plan&#8217;s QDIA will also change effective March 24,
              2020.</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
              <div id="DSPFPageBreak" style="page-break-after: always;">
                <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 style="text-align: justify; margin-right: 32.85pt; margin-left: 7.2pt;">The QDIA, as listed below, is the appropriate time-based fund based on the year you attain age 65.&#160; Each fund contains a combination of fixed income, bond-based and
              equity-based funds and targets a five-year period that contains the year in which you attain age 65.</div>
            <div style="text-align: justify; margin-right: 32.85pt; margin-left: 7.2pt;"><br>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0834cef09d0944448fefc4e8b5bbf5ae">

                  <tr>
                    <td style="width: 53.04%; vertical-align: top; background-color: #C0504D; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt; font-weight: bold;">Fund Name</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; background-color: #C0504D; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5pt; font-size: 8pt; font-weight: bold;">Birth Year</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; background-color: #C0504D; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5pt; font-size: 8pt; font-weight: bold;">Retirement Year</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; background-color: #C0504D; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt; font-weight: bold;">&#160;&#160;Fees</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement Income Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1952 and before</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                      <div style="text-align: justify; margin-left: 5pt; font-size: 8pt;">2017 and before</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2020 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1953-1957</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2018-2022</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2025 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1958-1962</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2023-2027</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2030 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1963-1967</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2028-2032</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2035 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1968-1972</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2033-2037</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2040 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1973-1977</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2038-2042</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2045 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1978-1982</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2043-2047</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2050 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1983-1987</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2048-2052</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2055 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1988-1992</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2053-2057</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2060 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1993 -1997</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">2058-2062</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5.1pt; font-size: 8pt;">State Street Target Retirement 2065 Fund &#8211; Class W</div>
                    </td>
                    <td style="width: 18.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 4.95pt; font-size: 8pt;">1998 and after</div>
                    </td>
                    <td style="width: 18.22%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="text-align: justify; margin-left: 5pt; font-size: 8pt;">2063 and after</div>
                    </td>
                    <td style="width: 10.07%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">&#160;&#160;&#160;&#160;0.10%</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="text-align: justify; margin-right: 32.85pt; margin-left: 7.2pt;"> <br>
            </div>
            <div style="text-align: justify; margin-right: 32.85pt; margin-left: 7.2pt;"><font style="font-weight: bold;">Note:</font>&#160;&#160; This Summary of Material Modifications/Notice of Changes supplements the more comprehensive Annual Participant Fee
              Disclosure Notice (&#8220;Fee Disclosure Notice&#8221;) and the Qualified Default Investment Alternative Notice (&#8220;QDIA Notice&#8221;) you received regarding certain plan and investment-related information.&#160; Please keep this supplemental notice with your annual
              Fee Disclosure Notice and QDIA Notice.&#160; Copies of the most recent Fee Disclosure Notice and QDIA 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.<br>
              <br>
              <div style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Questions?</font><br>
                <font style="font-size: 10pt;">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 Time) or log on to your account at </font><font style="font-size: 10pt;">LincolnFinancial.com</font><font style="font-size: 10pt;">.&#160; For more information about the Plan, please review the applicable </font><font style="font-size: 10pt;">Summary Plan Description</font><font style="font-size: 10pt;">.</font></div>
            </div>
            <div style="text-align: justify; margin-right: 32.85pt; margin-left: 7.2pt;"> <br>
            </div>
            <div style="text-align: justify; margin-right: 32.85pt; margin-left: 7.2pt;"><br>
              <div><br>
              </div>
              <div style="border: 4px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd0c0f712c1964c848b792d0245193069">

                    <tr>
                      <td style="border-top: 4px none; vertical-align: top; width: 100%;">
                        <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>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: center;">**********</div>
              <div><br>
              </div>
              <div style="text-align: left;">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="text-align: left; 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>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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