<SEC-DOCUMENT>0000059558-23-000014.txt : 20230324
<SEC-HEADER>0000059558-23-000014.hdr.sgml : 20230324
<ACCEPTANCE-DATETIME>20230324080341
ACCESSION NUMBER:		0000059558-23-000014
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230324
DATE AS OF CHANGE:		20230324

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:	333-261018
		FILM NUMBER:		23757705

	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>lnlagents401k202303_lnl.htm
<TEXT>
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    <div style="text-align: right; font-size: 12pt; font-weight: bold;">Filed Pursuant to Rule 433<br>
      Registration No. 333-261018</div>
    <div style="text-align: right; font-size: 12pt; font-weight: bold;">and 333-163855</div>
    <div style="text-align: right; font-size: 12pt; font-weight: bold;">March 24, 2023</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The following information is a Summary of Material Modifications/Notice of Fund Changes relating to the Investment Lineup 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="text-align: right; margin-right: 2.7pt;">March 24, 2023</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 4pt; font-weight: bold;">Notice of Fund Changes for:</div>
    <div style="text-align: center; margin-top: 4pt;">LNL Agents&#8217; 401(k) Savings Plan</div>
    <div style="text-align: center; margin-top: 4pt;">(the &#8220;Plan&#8221;)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 2.7pt;">Dear Plan Participant:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.7pt;">Lincoln Financial seeks to provide you with the best opportunity to prepare for your retirement. This includes regularly reviewing
      investment funds that are available under the Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This notice gives you an overview of an upcoming fund change, the timing of that change, and the actions you may wish to consider as a result of the
      modifications that will be made to the Plan.&#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Effective <font style="font-weight: bold;">April 25, 2023, </font>the Jackson Square
      SMID-Cap<font style="font-weight: bold;">&#160;</font>Growth CIT Fund (Class M)<font style="font-weight: bold;">&#160;</font>will be
      replaced with AB Discovery Growth Fund Class Z. Any existing assets and/or future contribution investment elections remaining in the Jackson Square SMID-Cap Growth CIT Fund (Class M) at that time will automatically be mapped (or transferred) as shown
      in the chart below. Any contributions or rollovers received on or after April 25, 2023 that are directed to the fund being eliminated, will be mapped as shown in the chart below.<font style="font-weight: bold;"> Because this mapping (or transfer) is automatic, you do not need to take any action</font>.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1ec362166d744e48b3cadbe6e37774bb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49.04%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">If you are currently invested in the following fund<br>
              being <u>eliminated</u>:</div>
          </td>
          <td style="width: 50.96%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">Your balance and investment elections will be transferred to the new fund being <u>added</u>:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">24610F884</div>
          </td>
          <td style="width: 33.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="margin-right: 2.7pt;">Jackson Square SMID-Cap Growth CIT Fund (Class M)</div>
          </td>
          <td style="width: 15.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">CHCZX</div>
          </td>
          <td style="width: 35.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="margin-right: 2.7pt;">AB Discovery Growth Fund Class Z</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div>Prior to investing in a mutual fund investment option, an investor should consider carefully the investment objectives, risks, and charges and
              expenses of the investment company. The prospectus contains this and other important information and should be read carefully before investing or sending money.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.9pt; margin-bottom: 3pt; font-weight: bold;">What do you need to do?</div>
    <div style="text-align: justify;">Take a few minutes to review your investment portfolio. Make any changes you feel are necessary to meet</div>
    <div>your retirement savings goals. If you don&#8217;t want the investment of your existing
        account or future contributions to be mapped (or transferred) as indicated, you may change your investment elections and/or make a reallocation on your own by initiating a transfer prior to 4:00 p.m. Eastern on <font style="font-weight: bold;">April 24, 2023</font>. Note that you cannot choose to keep any investments in or transfer any investment
        to the fund being eliminated. To make a change, log in to your account at LincolnFinancial.com to complete your transaction online, or call the Lincoln Customer Contact Center at <font style="font-weight: bold;">800-234-3500</font>. Customer Service Representatives are available Monday through Friday, from 8:00 a.m. to 8:00 p.m. Eastern, and will
        be glad to assist you.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Please be sure to make any changes prior to 4:00 p.m.
        Eastern on April 24, 2023 if you do not want the mapping to occur.</font>&#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 style="text-align: justify;">Any transactions requested on April 25, 2023, (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 style="text-align: justify; margin-right: 2.9pt;">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="text-align: justify;">This notice supplements the more comprehensive Annual Participant Fee Disclosure Notice (&#8220;Fee Disclosure Notice&#8221;) you received regarding certain plan and investment-related information found in the Comparative Chart Summary contained in the Fee Disclosure Notice. Please keep this supplemental notice with your Fee
      Disclosure Notice. A copy of the most recent Fee Disclosure Notice is available by contacting the Lincoln Customer Contact Center at 800-234-3500.</div>
    <div style="margin-top: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z79251054564c46e89932b36514fad51f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; background-color: #F2F2F2; 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: 8.59%; vertical-align: middle; background-color: #F2F2F2; 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: 8.59%; vertical-align: middle; background-color: #F2F2F2; 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: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses $</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr return %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Since inception return %</div>
          </td>
          <td style="width: 9.5%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">&#160;AB Discovery Growth Fund Class Z (CHCZX)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.64%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$6.40</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.64%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$6.40</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">-35.89%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">6.43%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">10.45%</div>
          </td>
          <td nowrap="nowrap" style="width: 9.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">5/30/2014</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z39a0344039ee455c9c928c3fdaee5a40" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">ELIMINATED FUND</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund name</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses $</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses $</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr return %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Since inception return %</div>
          </td>
          <td nowrap="nowrap" style="width: 9.5%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">Jackson Square SMID-Cap Gr CIT Fd (Cl M) (24610F884)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.75%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$7.50</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.75%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$7.50</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">-39.34%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">3.21%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">9.04%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 9.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">6/30/2011</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt;">Average returns provided are representative of performance as of December 31, 2022.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 2.9pt;"><font style="font-weight: bold;">Questions?</font><br>
      If you have any questions about this change 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 <u>LincolnFinancial.com</u>.&#160; For more information about
      the Plan, please review the Plan&#8217;s Summary Plan Description (SPD) which can be found on <font style="font-style: italic;">ONE at </font>Summary Plan Descriptions.pdf.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">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: justify; margin-right: 2.9pt; 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><br>
    </div>
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