<SEC-DOCUMENT>0000059558-23-000063.txt : 20231117
<SEC-HEADER>0000059558-23-000063.hdr.sgml : 20231117
<ACCEPTANCE-DATETIME>20231117080552
ACCESSION NUMBER:		0000059558-23-000063
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231117
DATE AS OF CHANGE:		20231117

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:		231416472

	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>lnlagents401k112023_lnc.htm
<TEXT>
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  <div>
    <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;">November 17, 2023</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The following information is a Notice of Fund Changes and Summary of Material Modifications for the LNL Agents&#8217; 401(k) Savings Plan (the &#8220;Plan&#8221;) relating to changes:&#160; (1) to the Plan&#8217;s investment options and (2) required as a result of the
      provisions of the SECURE 2.0 Act of 2022 as set forth in the Consolidated Appropriations Act, 2023.&#160; For more information about each of the investment options offered under the Plan (except for the LNC Stock Fund) and/or the Plan in general, 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;">November 17, 2023</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 4pt; font-weight: bold;">Notice of Fund Changes (&#8220;Notice&#8221;) and Summary of Material Modifications 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><br>
    </div>
    <div style="margin-right: 2.7pt;">Dear Plan Participant:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This Notice gives you an overview of the upcoming changes to the Plan, the timing of those changes, and the actions you may wish to consider as a result of such changes.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Effective <font style="font-weight: bold;">December 19, 2023, </font>the American Funds Growth Fund of America Class R-6<font style="font-weight: bold;">&#160;</font>will be replaced with J.P. Morgan Asset Management&#8217;s
      JPMCB Large Cap Growth Fund CF-A Class. Any existing assets and/or future contribution investment elections remaining in the American Funds Growth Fund of America Class R-6<font style="font-weight: bold;">&#160;</font>at that time will automatically be
      mapped (or transferred) as shown in the chart below. Any contributions or rollovers received on or after December 19, 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>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zcee0d6e77f6147ad84c87881a7bbc7cf">

        <tr>
          <td colspan="2" style="width: 49.04%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">If you are currently invested in the following fund<br>
              being <u>eliminated</u>:</div>
          </td>
          <td colspan="2" style="width: 50.96%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <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;">RGAGX</div>
          </td>
          <td style="width: 33.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="margin-right: 2.7pt;">American Funds Growth Fund of America Class R-6</div>
          </td>
          <td style="width: 15.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">20261K404</div>
          </td>
          <td style="width: 35.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="margin-right: 2.7pt;">JPMCB Large Cap Growth Fund CF-A Class</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Prior to investing in a collective investment trust option, an investor should consider carefully the investment objectives, risks, and charges and expenses of the offeror of the collective investment trust.</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 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. ET on <font style="font-weight: bold;">December 19, 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 on to your account at <font style="font-weight: bold;">LincolnFinancial.com</font> 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. ET.</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. ET on December 19, 2023 if you do not want the mapping (or transfer) to occur.</font>&#160; Of course, you could also wait until after
      the automatic mapping (or transfer) 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 December 19, 2023, (such as fund transfers, loans, or distribution transactions) will not be processed while the fund change is being made but will process as soon as administratively
      feasible 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>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z6915adc6466540f39ef60f01ffeaea62">

        <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;">JPMCB Large Cap Growth Fund CF-A (20261K404)</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;">0.40%</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;">$4.00</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;">0.40%</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;">$4.00</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;">23.63%</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;">5.91%</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;">15.49%</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;">6/22/2018</div>
          </td>
        </tr>

    </table>
    <div><br>
    </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="z6884973c7bdf4dbf922c8ed6d8cbc7d6">

        <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;">American Funds Growth Fund of Amer R6 (RGAGX)</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;">0.30%</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;">$3.00</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;">0.30%</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;">$3.00</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;">23.09%</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;">8.61%</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;">11.72%</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;">5/1/2009</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt;">Average returns provided are representative of performance as of September 30, 2023.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.9pt;"><u>Income America</u>:&#160; Effective November 10, 2023, the investment operating fees for the following Income America funds will be lowered as set forth below:</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="z9f9c6aa7a4ea409da1fc06621cb3a2de">

        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;"><u>Target Date Funds &#8211; Income America</u></div>
          </td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">---</div>
          </td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="4" style="width: 49.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Expense Ratio %</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Current Gross*</div>
          </td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">New Gross*</div>
          </td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Current Net*</div>
          </td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">New Net*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Income America In Retirement Fund - Class 5ForLife-L</div>
          </td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">97184J326</div>
          </td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.87</div>
          </td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.87</div>
          </td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Income America 2025 Fund - Class 5ForLife-L</div>
          </td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">97184J318</div>
          </td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.87</div>
          </td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.87</div>
          </td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Income America 2030 Fund - Class 5ForLife-L</div>
          </td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">97184J292</div>
          </td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.86</div>
          </td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.86</div>
          </td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Income America 2035 Fund - Class 5ForLife-L</div>
          </td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">97184J284</div>
          </td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.86</div>
          </td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.86</div>
          </td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.84</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Income America 2040 Fund - Class 5ForLife-L</div>
          </td>
          <td style="width: 14.29%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">97184J276</div>
          </td>
          <td style="width: 13.33%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.86</div>
          </td>
          <td style="width: 12.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.83</div>
          </td>
          <td style="width: 12.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.86</div>
          </td>
          <td style="width: 11.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.83</div>
          </td>
        </tr>

    </table>
    <div>* Income America&#8217;s total fee includes investment management, trustee and advisory fees of .36 or .37 (as noted above) plus .47 which represents the insurance cost of the guarantee.</div>
    <div style="margin-top: 3pt;"><br>
    </div>
    <div style="text-align: justify; margin-right: 2.9pt;">There were no other changes to the Income America funds.</div>
    <div><br>
    </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><br>
    </div>
    <div style="text-align: justify; margin-right: 2.7pt;"><br>
    </div>
    <div style="text-align: center; margin-right: 2.7pt;">* * * * *</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">The below information is a Summary of Material Modifications (&#8220;SMM&#8221;) intended to notify you of important changes made to the Plan.&#160; This SMM supplements or modifies the November 12, 2021 Summary Plan
      Description/Prospectus for the Plan and is subject to the terms of the plan document.&#160; Please take the time to read this SMM and keep a copy of it with your 2021 Summary Plan Description/Prospectus for the Plan.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-style: italic;">In addition to the fund changes described above, the following sections of the Plan&#8217;s Summary Plan Description/Prospectus have been amended as follows:</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;"><u>LUMP SUM DISTRIBUTIONS and PERIODIC PAYMENTS OF DISTRIBUTIONS</u></font><u> (pages 26-27)</u></div>
    <div><br>
    </div>
    <div><u>Effective for Plan years beginning on and after January 1, 2023</u>, the date on which you are required to take a distribution from the Plan will be no later than the April 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> following your attainment of your &#8220;Applicable Age&#8221;.&#160;
      Your &#8220;Applicable Age&#8221; is:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfe7a7b243b140d19fcb9b0615306c93">

          <tr>
            <td style="width: 39.6pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 3.6pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>age 72 (or age 70&#189; if you were born before July 1, 1949) prior to January 1, 2023;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc87f5defd3fb4748a8b1190642ec6eb4">

          <tr>
            <td style="width: 39.6pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 3.6pt;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>age 73 if you attained age 72 after December 31, 2022 and age 73 before January 1, 2033; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z062f0dd284d14f5dab2d8945a439e0fd">

          <tr>
            <td style="width: 39.6pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 3.6pt;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>age 75 if you attain age 74 after December 31, 2032.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><u>Effective for Plan years beginning on and after January 1, 2024</u>, if you die before you have started to take your required distributions from the Plan, your surviving spouse may make an election to be treated as if they were the Plan
      participant.&#160; This election would allow your surviving spouse to delay taking required distributions from the Plan until the date you would have attained your Applicable Age.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;"><u>FEDERAL INCOME TAX CONSEQUENCES</u></font><u> (pages 31-32)</u></div>
    <div><br>
    </div>
    <div><u>Effective for Plan years beginning on and after January 1, 2023</u>, the required 10% excise or penalty tax applicable to certain early distributed amounts that are taxable will <u>not</u> apply if your physician certifies that you have an
      illness or condition that is reasonably expected to result in your death within 84 months.</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 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. ET) 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/Prospectus which can be requested from the Lincoln Customer Contact Center.</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-right: 12.95pt;">* * * * *</div>
    <div style="text-align: center; margin-right: 12.95pt;"> <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 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 website
        at </font><u>www.sec.gov</u><font style="font-weight: bold;">.&#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.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
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