|
FEES AND EXPENSES |
Location in
Prospectus |
Charges for Early
Withdrawals |
There are no surrender charges associated with this Contract. |
•N/A |
Transaction
Charges |
There are no sales charges associated with this Contract. |
•N/A |
Ongoing Fees and
Expenses (annual
charges) |
Minimum and Maximum Annual Fee Table. The table below describes the fees and
expenses that you may pay each year, depending on the options you choose. Please
refer to your contract specifications page for information about the specific fees you will
pay each year based on the options you have elected. |
•Fee Tables •Examples •Charges and
Other
Deductions | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract |
|
| ||
Base Contract – Guaranteed Withdrawal
Benefit |
|
| ||
Investment options (fund fees and
expenses) |
|
| ||
1 | ||||
2 | ||||
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract. |
|
Lowest Annual Cost: $1,500 |
Highest Annual Cost: $3,673 |
| |
|
Assumes: |
Assumes: |
| |
|
•Investment of $100,000 •5% annual appreciation •Least expensive fund fees and
expenses •No additional Purchase Payments,
transfers, or withdrawals |
•Investment of $100,000 •5% annual appreciation •Most expensive fund fees and expenses •No additional Purchase Payments,
transfers, or withdrawals |
|
|
RISKS |
Location in
Prospectus | ||
Risk of Loss |
• |
•Principal Risks •Investments of
the Variable
Annuity
Account | ||
Not a Short-Term
Investment |
|
•Principal Risks •Surrender and
Withdrawals •Fee Tables |
|
RISKS |
Location in
Prospectus |
Risks Associated
with Investment
Options |
|
•Principal Risks •Investments of
the Variable
Annuity
Account | ||
Insurance
Company Risks |
•
|
•Principal Risks |
|
RESTRICTIONS |
Location in
Prospectus | ||
Investments |
|
•Principal Risks •Investments of
the Variable
Annuity
Account | ||
|
TAXES |
Location in
Prospectus | ||
Tax Implications |
|
•Federal Tax
Matters | ||
|
CONFLICTS OF INTEREST |
Location in
Prospectus | ||
Investment
Professional
Compensation |
|
•Distribution of
the Contracts •Principal Risks | ||
Exchanges |
•
|
•N/A |
There are |
|
Base Contract Expense (as a percentage of average Account Value in the Subaccount) |
|
|
Base Contract Expense |
|
|
|
|
|
Guaranteed Withdrawal Benefit1
|
|
|
Guaranteed Maximum Annual Charge |
|
|
Current Annual Charge |
|
|
Annual Fund Expenses |
Minimum |
Maximum |
|
|
|
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses after any waivers or expense reimbursements.1 |
0.59% |
0.74% |
1 year |
3 years |
5 years |
10 years |
$ |
$ |
$ |
$ |
1 year |
3 years |
5 years |
10 years |
$ |
$ |
$ |
$ |
Base Contract Expense |
0.65% |
| |||
|
|
Maximum Fee |
|
|
|
• |
|
|
Contract Value |
Income Base |
Initial Purchase Payment $50,000 |
$50,000 |
$50,000 |
Valuation Date immediately prior to 1st Benefit Year anniversary |
$54,000 |
$54,000 |
Valuation Date immediately prior to 2nd Benefit Year anniversary |
$53,900 |
$54,000 |
Valuation Date immediately prior to 3rd Benefit Year anniversary |
$57,000 |
$57,000 |
Valuation Date immediately prior to 4th Benefit Year anniversary |
$64,000 |
$64,000 |
Age |
Guaranteed
Annual Income amount
percentage (Single Life Option) |
Guaranteed Annual Income
amount percentage
(Joint Life Option) |
At Least 55 and under 65 |
4% |
3.5% |
65-70 |
5% |
4.5% |
71+ |
6% |
5.5% |
Participant Account Value on the Guaranteed Annual Income
Effective Date |
$200,000 |
Income Base on the Guaranteed Annual Income Effective Date |
$200,000 |
Initial Guaranteed Annual Income amount on the Guaranteed
Annual Income Effective Date ($200,000 x 4%) |
$8,000 |
Participant Account Value six months after Guaranteed Annual
Income Effective Date |
$210,000 |
Income Base six months after Guaranteed Annual Income Effective
Date |
$200,000 |
Withdrawal six months after Guaranteed Annual Income Effective
Date when Participant is still age 58 |
$8,000 |
Participant Account Value after withdrawal ($210,000 - $8,000) |
$202,000 |
Income Base after withdrawal ($200,000 - $0) |
$200,000 |
Participant Account Value on next Benefit Year anniversary |
$205,000 |
Income Base on next Benefit Year anniversary |
$205,000 |
Guaranteed Annual Income amount on next Benefit Year
anniversary |
$8,200 |
Total Purchase Payment during Year 1 (Table 1 in effect) |
$5,000 |
Automatic Step-Up of Income Base to market value on Benefit Year anniversary |
$5,900 |
Total Purchase Payments during Year 2 (Table 2 in effect) |
$5,000 |
Market loss so no Automatic Step-Up on Benefit Year anniversary |
$10,900 |
|
Fund and
Adviser/Sub-adviser1 |
Current Expenses |
Average Annual Total
Returns (as of 12/31/2022) | ||
|
|
|
1 year |
5 year |
10 year |
|
|
|
- |
|
|
|
|
|
- |
|
|
Contents
|
Page
|
B-3
|
|
B-4
|
|
B-4
|
|
B-4
|
|
B-4
|
|
B-5
|
|
B-5
|
Name
|
Positions and Offices with Depositor
|
Craig T. Beazer*
|
Executive Vice President, General Counsel and Director
|
Jayson R. Bronchetti*
|
Executive Vice President, Chief Investment Officer and Director
|
Adam M. Cohen*
|
Senior Vice President and Chief Accounting Officer
|
Ellen G. Cooper*
|
President and Director
|
Stephen B. Harris*
|
Senior Vice President and Chief Ethics and Compliance Officer
|
Shantanu Mishra*
|
Senior Vice President and Treasurer
|
Christopher M. Neczypor*
|
Executive Vice President, Chief Financial Officer and Director
|
Nancy A. Smith*
|
Senior Vice President and Secretary
|
Joseph D. Spada**
|
Vice President and Chief Compliance Officer for Separate Accounts
|
Eric B. Wilmer***
|
Assistant Vice President and Director
|
Name
|
Positions and Offices with Underwriter
|
Andrew J. Bucklee*
|
Senior Vice President and Director
|
Jason M. Gibson**
|
Vice President and Chief Compliance Officer
|
Claire H. Hanna*
|
Secretary
|
John C. Kennedy*
|
President, Chief Executive Officer and Director
|
Shantanu Mishra*
|
Senior Vice President and Treasurer
|
William A. Nash***
|
Senior Vice President and Director
|
Thomas P. O'Neill*
|
Senior Vice President, Chief Operating Officer and Head of Financial
Institutions Group
|
Timothy J. Seifert Sr*
|
Senior Vice President and Director
|
SIGNATURES
(a) | As required by the Securities Act of 1933 and the Investment Company Act of 1940, each Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of these registration statements and has caused these Post-Effective Amendments to the registration statements to be signed on its behalf, in the City of Fort Wayne, and the State of Indiana on this 9th day of April, 2023 at 1:40 pm. |
Lincoln National Variable Annuity Account C
Lincoln National Variable Annuity Account L
Lincoln Life Variable Annuity Account Q
(Registrants)
By: | /s/ John D. Weber | ||
John D. Weber | |||
Vice President, The Lincoln National Life Insurance Company |
Signed on its behalf, in the City of Hartford, and the State of Connecticut on this 6th day of April, 2023 at 2:30 pm.
The Lincoln National Life Insurance Company
(Depositor)
By: | /s/ Matthew L. Condos | ||
Matthew L. Condos | |||
(Signature-Officer of Depositor) | |||
Senior Vice President, The Lincoln National Life Insurance Company |
Lincoln National Variable Annuity Account C (File No. 811-03214; CIK: 0000353894)
033-25990 (Amendment No. 67) | 333-179107 (Amendment No. 16) |
333-112927 (Amendment No. 32) | 333-267957 (Amendment No. 2) |
Lincoln National Variable Annuity Account L (File No. 811-07645; CIK: 0001015434)
333-04999 (Amendment No. 37) | 333-187069 (Amendment No. 13) | 333-187070 (Amendment No. 13) |
333-187071 (Amendment No. 13) | 333-187072 (Amendment No. 13) | 333-198911 (Amendment No. 10) |
333-198912 (Amendment No. 10) | 333-198913 (Amendment No. 10) | 333-198914 (Amendment No. 10) |
Lincoln Life Variable Annuity Account Q (File No. 811-08569; CIK: 0001048604)
333-43373 (Amendment No. 32) |
(b) As required by the Securities Act of 1933, these Amendments to the registration statements have been signed by the following persons in their capacities indicated on April 9, 2023 at 1:40 pm.
Signature | Title | |
*/s/ Ellen G. Cooper | President and Director | |
Ellen G. Cooper | (Principal Executive Officer) | |
* /s/ Randal J. Freitag | Executive Vice President, Chief Financial Officer, and Director | |
Randal J. Freitag | (Principal Financial Officer) | |
* /s/ Craig T. Beazer | Executive Vice President and Director | |
Craig T. Beazer |
* /s/ Jayson R. Bronchetti | Executive Vice President, Chief Investment Officer, and Director | |
Jayson R. Bronchetti | ||
* /s/ Adam M. Cohen | Senior Vice President and Chief Accounting Officer | |
Adam M. Cohen | (Principal Accounting Officer) | |
*/s/ Eric B. Wilmer | Assistant Vice President and Director | |
Eric B. Wilmer |
* By | /s/ John D. Weber | , Pursuant to a Power of Attorney |
John D. Weber |
Exhibit (l)(1)
Consent of Independent Registered Public Accounting Firm
We consent to the references to our firm under the caption Independent Registered Public Accounting Firm in the Prospectus and Statement of Additional Information, dated April 25, 2023 and included in this Post-Effective Amendment No. 13 to the Registration Statement (Form N-4, File No. 333-187071) of Lincoln National Variable Annuity Account L (the Registration Statement).
We also consent to the use of our reports (1) dated March 30, 2023, with respect to the consolidated financial statements of The Lincoln National Life Insurance Company and (2) dated April 19, 2023, with respect to the financial statements of each of the subaccounts within Lincoln National Variable Annuity Account L, for the year ended December 31, 2022, incorporated by reference in this Registration Statement, filed with the Securities and Exchange Commission.
Philadelphia, Pennsylvania
April 25, 2023
POWER OF ATTORNEY
We, the undersigned directors and/or officers of The Lincoln National Life Insurance Company, hereby constitute and appoint Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Michelle Grindle, Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur, Rachel C. Fischer, Nadine Rosin and John D. Weber, individually, our true and lawful attorneys-in-fact, with full power to each of them to sign for us, in our names and in the capacities indicated below, any Registration Statements and any and all amendments to Registration Statements; including exhibits, or other documents filed on Forms N-6, N-4 or S-3 or any successors or amendments to these Forms, filed with the Securities and Exchange Commission, under the Securities Act of 1933 and/or Securities Act of 1940, on behalf of the Company in its own name or in the name of one of its Separate Accounts, hereby ratifying and confirming our signatures as they may be signed by any of our attorneys-in-fact to any such amendments to said Registration Statements as follows:
Variable Life Insurance Separate Accounts:
Account | Product name |
Lincoln Life Flexible Premium Variable Life Account D (811-04592) | Variable Universal Life Leadership Series |
Lincoln Life Flexible Premium Variable Life Account F (811-05164) |
American Legacy Life American Legacy Estate Builder |
Lincoln Life Flexible Premium Variable Life Account G (811-05585) | VUL-III |
Lincoln Life Flexible Premium Variable Life Account J (811-08410) | American Legacy Variable Life |
Lincoln Life Flexible Premium Variable Life Account K (811-08412) | Multi Fund Variable Life |
Lincoln Life Flexible Premium Variable Life Account M (811-08557)
|
VULdb / VULdb ES VULdb-II ES VUL-I / VULcv VULcv-II / VULcvII ES / VUL Flex VULcv-III ES MoneyGuard VUL VULone ES / VULone 2005 ES Momentum VULone / Momentum VULone 2005 VULcv-IV ES VULdb-IV ES Momentum VULone 2007 VULone 2007 AssetEdge VUL AssetEdge VUL2015/AssetEdge Exec VUL 2015 VULone2012 VULone2014 InReach VULone2014 VULone2019 AssetEdge VUL2019/AssetEdge Exec VUL 2019 AssetEdge VUL2019-2/AssetEdge Exec VUL 2019-2 AssetEdge VUL2020/AssetEdge Exec VUL 202 AssetEdge VUL 2022/AssetEdge VUL 2022-2 MoneyGuard Market Advantage VULone2021 LifeGoals VUL VULone Focus
|
Lincoln Life Flexible Premium Variable Life Account R (811-08579) |
SVUL / SVUL-I SVUL-II / SVUL-II ES SVUL-III ES SVUL-IV ES / PreservationEdge SVUL SVULone ES Momentum SVULone SVULone 2007 ES Momentum SVULone 2007 SVULone2013 SVULone2016 SVULone2019 SVULone2021 SVULone Focus |
Lincoln Life Flexible Premium Variable Life Account S (811-09241) |
CVUL / CVUL Series III / CVUL Series III ES LCV4 ES LCV5 ES / LCC VUL Lincoln Corporate Executive VUL |
Lincoln Life Flexible Premium Variable Life Account Y (811-21028) |
American Legacy VULcv-III American Legacy VULdb-II American Legacy SVUL-II American Legacy SVUL-III American Legacy VULcv-IV American Legacy VULdb-IV American Legacy SVUL-IV/PreservationEdge SVUL American Legacy AssetEdge |
Lincoln Life Flexible Premium Variable Life Account JF-A |
Ensemble II Ensemble III Ensemble Exec 2006 Ensemble Exec Ensemble 1 Ensemble Accumulator Ensemble Protector |
Lincoln Life Flexible Premium Variable Life Account JF-C |
Ensemble SL Ensemble SVUL |
Variable Annuity Separate Accounts:
Account | Product name |
Lincoln National Variable Annuity Account C (811-03214) |
Multi-Fund Multi-Fund Select Multi-Fund 5 Retirement Annuity Lincoln PathBuilder Income® IRA |
Lincoln National Variable Annuity Account E (811-04882) | The American Legacy |
Lincoln National Variable Annuity Account H (811-05721) |
American Legacy II American Legacy III American Legacy III B Class American Legacy III C Share American Legacy III Plus American Legacy III View American Legacy Design American Legacy Signature American Legacy Fusion American Legacy Series American Legacy Advisory American Legacy Target Date Income B Share American Legacy Target Date Income Advisory Shareholder’s Advantage Shareholder’s Advantage A Class Shareholder’s Advantage purchased on and after May 21, 2018 |
Lincoln National Variable Annuity Account L (811-07645) |
Group Variable Annuity Lincoln PathBuilder Income Version 1 Lincoln PathBuilder Income Version 2 Lincoln PathBuilder Income Version 3 Lincoln PathBuilder Income Version 4 Retirement Income Rollover Version 1 Retirement Income Rollover Version 2 Retirement Income Rollover Version 3 Retirement Income Rollover Version 4 |
Lincoln Life Variable Annuity Account N (811-08517) |
ChoicePlus Assurance (A Share) ChoicePlus Assurance (A Class) ChoicePlus Assurance (B Share) ChoicePlus Assurance (B Class) ChoicePlus Assurance (C Share) ChoicePlus Assurance (L Share) ChoicePlus Assurance (Bonus) Choice Plus Choice Plus II ChoicePlus Access ChoicePlus II Access ChoicePlus Bonus ChoicePlus II Bonus |
ChoicePlus II Advance ChoicePlus Design ChoicePlus Signature ChoicePlus Rollover ChoicePlus Fusion ChoicePlus Series ChoicePlus Prime ChoicePlus Advisory ChoicePlus Select B-Share InvestmentSolutions InvestmentSolutions RIA Lincoln Investor Advantage Lincoln Invester Advantage 2018 Lincoln Invester Advantage Pro Lincoln Investor Advantage Fee-Based Lincoln Investor Advantage RIA Lincoln Investor Advantage Advisory Lincoln Investor Advantage Pro Advisory Lincoln Investor Advantage RIA Class Lincoln Investor Advantage Advisory Choice Lincoln Investor Advantage Pro Advisory Choice Lincoln Level Advantage B Share Indexed Variable Annuity Lincoln Level Advantage Advisory Indexed Variable Annuity Lincoln Level Advantage B Class Indexed Variable Annuity Lincoln Level Advantage Advisory Class Indexed Variable Annuity Lincoln Level Advantage Fee-Based Indexed Variable Annuity Lincoln Level Advantage Select B-Share Indexed Variable Annuity Lincoln Level Advantage Design B-Share Indexed Variable Annuity Lincoln Level Advantage Design Advisory Indexed Variable Annuity Lincoln Level Advantage Access Indexed Variable Annuity Core Income | |
Lincoln Life Variable Annuity Account Q (811-08569) | Multi-Fund Group |
Lincoln Life S-3 Registration Statement |
Lincoln Level Advantage B Share Indexed Variable Annuity Lincoln Level Advantage Advisory Indexed Variable Annuity Lincoln Level Advantage B Class Indexed Variable Annuity Lincoln Level Advantage Advisory Class Indexed Variable Annuity Lincoln Level Advantage Fee-Based Indexed Variable Annuity Lincoln Level Advantage Select B Share Indexed Variable Annuity Lincoln Level Advantage Design B-Share Indexed Variable Annuity Lincoln Level Advantage Design Advisory Indexed Variable Annuity Lincoln Level Advantage Access Indexed Variable Annuity Lincoln Level Advantage 2 B Share Indexed-Linked Annuity Lincoln Level Advantage 2 Advisory Indexed-Linked Annuity Lincoln Level Advantage 2 Advisory Class Indexed-Linked Annuity Lincoln Level Advantage 2 Select B Share Indexed-Linked Annuity Lincoln Level Advantage 2 Access Indexed-Linked Annuity |
Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in whole or in part any power-of-attorney that each person whose signature appears below has previously executed. This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute, unless such subsequent power specifically refers to this power-of-attorney or specifically states that the instrument is intended to revoke all prior general powers-of-attorney or all prior powers-of-attorney.
This Power-of-Attorney may be executed in separate counterparts each of which when executed and delivered shall be an original; but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies, each signed by less than all, but together signed by all, of the undersigned.
Signature | Title | |
/s/Ellen G. Cooper | ||
Ellen G. Cooper | President and Director | |
/s/Christopher M. Neczypor | ||
Christopher M. Neczypor | Executive Vice President, Chief Financial Officer and Director | |
/s/Craig T. Beazer | ||
Craig T. Beazer | Executive Vice President, General Counsel and Director | |
/s/Eric B. Wilmer | ||
Eric B. Wilmer | Assistant Vice President and Director | |
/s/Jayson R. Bronchetti | ||
Jayson R. Bronchetti | Executive Vice President, Chief Investment Officer and Director | |
/s/Adam M. Cohen | ||
Adam M. Cohen | Senior Vice President and Chief Accounting Officer |
We, Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Michelle Grindle, Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur, Rachel C. Fischer, Nadine Rosin and John D. Weber, have read the foregoing Power of Attorney. We are the person(s) identified therein as agent(s) for the principal named therein. We acknowledge our legal responsibilities.
/s/ Delson R. Campbell | /s/Scott C. Durocher | |
Delson R. Campbell | Scott C. Durocher | |
/s/Kimberly A. Genovese | /s/Daniel P. Herr | |
Kimberly A. Genovese | Daniel P. Herr | |
/s/Nadine Rosin | /s/Michelle Grindle | |
Nadine Rosin | Michelle Grindle | |
/s/Jeffrey L. Smith | /s/John D. Weber | |
Jeffrey L. Smith | John D. Weber | |
/s/Jassmin McIver-Jones | /s/Carolyn Augur | |
Jassmin McIver-Jones | Carolyn Augur | |
/s/Rachel C. Fisher | ||
Rachel C. Fisher | ||
Version dated: March 2023 |
N-4 |
Apr. 25, 2023
USD ($)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | N-4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Registrant Name | Lincoln National Variable Annuity Account L | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | 0001015343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Investment Company Type | N-4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Period End Date | Apr. 25, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees and Expenses [Text Block] |
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Charges for Early Withdrawals [Text Block] |
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Transaction Charges [Text Block] |
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Ongoing Fees and Expenses [Table Text Block] |
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Base Contract (of Average Annual Net Assets) (N-4) Minimum [Percent] | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Contract (of Average Annual Net Assets) (N-4) Maximum [Percent] | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Contract (N-4) Footnotes [Text Block] | As a percentage of average Account Value in the Subaccounts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Options (of Average Annual Net Assets) Minimum [Percent] | 0.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Options (of Average Annual Net Assets) Maximum [Percent] | 0.76% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Options Footnotes [Text Block] | As a percentage of average Account Value in the Subaccounts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest and Highest Annual Cost [Table Text Block] |
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Risks [Table Text Block] |
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Investment Restrictions [Text Block] | •We reserve the right to remove or substitute any funds as investment options that are available under the Contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Implications [Text Block] | •Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.•If you purchase the Contract through a tax-qualified plan or IRA, you do not get any additional tax deferral under the Contract.•Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 59½. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Professional Compensation [Text Block] | •Your financial professional may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. We may share the revenue we earn on this Contract with your investment professional’s firm.•This potential conflict of interest may influence your financial professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchanges [Text Block] | You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new Contract rather than continue to own your existing contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Item 4. Fee Table [Text Block] | Fee Tables The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract Specifications page for information about the specific fees you will pay each year based on the options you have elected. The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract.
TRANSACTION EXPENSES
|
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Sales Load (of Purchase Payments), Maximum [Percent] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Sales Load (of Amount Surrendered), Maximum [Percent] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Contract Expense (of Average Account Value), Maximum [Percent] | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Portfolio Company Expenses [Table Text Block] | The next table shows the minimum and maximum total annual operating expenses charged by the funds that you may pay periodically during the time that you own the Contract. The expenses are for the year ended December 31, 2022. A complete list of funds available under the Contract, including their annual expenses, may be found in an appendix to this prospectus. See Appendix A: Funds Available Under the Contract.
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Portfolio Company Expenses [Text Block] | Expenses that are deducted from the fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses before reimbursements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company Expenses Minimum [Percent] | 0.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company Expenses Maximum [Percent] | 0.76% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender Example [Table Text Block] |
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Surrender Expense, 1 Year, Maximum [Dollars] | $ 3,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender Expense, 3 Years, Maximum [Dollars] | 10,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender Expense, 5 Years, Maximum [Dollars] | 17,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender Expense, 10 Years, Maximum [Dollars] | 36,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuitized Expense, 1 Year, Maximum [Dollars] | 3,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuitized Expense, 3 Years, Maximum [Dollars] | 10,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuitized Expense, 5 Years, Maximum [Dollars] | 17,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuitized Expense, 10 Years, Maximum [Dollars] | 36,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No Surrender Expense, 1 Year, Maximum [Dollars] | 3,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No Surrender Expense, 3 Years, Maximum [Dollars] | 10,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No Surrender Expense, 5 Years, Maximum [Dollars] | 17,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No Surrender Expense, 10 Years, Maximum [Dollars] | $ 36,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Item 5. Principal Risks [Table Text Block] | Principal Risks The principal risks of investing in the Contract include: Risk of Loss. You can lose money by investing in this Contract, including loss of principal. Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract. Short-Term Investment Risk. This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral and long-term income also mean that the Contract is more beneficial to investors with a long-term horizon. Variable Option Risk. You take all the investment risk on the Contract Value and the retirement income for amounts placed into one or more of the Subaccounts, which invest in corresponding underlying funds. If the Subaccounts you select make money, your Contract Value goes up; if they lose money, your Contract Value goes down. How much it goes up or down depends on the performance of the Subaccounts you select. Each underlying fund is subject to its own investment risks. When you invest in a Subaccount, you are exposed to the investment risks of the underlying fund. Managed Volatility Fund Risk. Certain underlying funds may employ risk management strategies to provide for downside protection during sharp downward movements in equity markets. These funds usually, but not always, have “Managed Risk” or “Managed Volatility” in the name of the fund. These strategies could limit the upside participation of the fund in rising equity markets relative to other funds. Risk management strategies, in periods of high market volatility, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and the value of your guaranteed benefits. For more information on these funds and their risk management strategies, please see the funds’ prospectuses. Withdrawal Risk (Illiquidity Risk). You should carefully consider the risks associated with taking a withdrawal or surrender under the Contract. The proceeds of your withdrawal or surrender may be subject to ordinary income taxes, including a tax penalty if you are younger than age 59½. You should also consider the impact that a withdrawal may have on the standard and optional benefits under your Contract. Transfer Risk. Your ability to transfer between investment options may be restricted under the Contract. If permitted by your Contract, we may discontinue accepting transfers into the fixed side of the contract at any time. Fee and Expense Risk. You are subject to the risk that we may increase certain contract fees and charges, and that underlying fund expenses may increase. Financial Strength and Claims-Paying Ability Risk. An investment in the Contract is subject to the risks related to us, Lincoln Life. Any obligations, guarantees, or benefits of the Contract are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. Cybersecurity and Business Interruption Risks. We rely heavily on interconnected computer systems and digital data to conduct our annuity business. Because our business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks, including ransomware and malware attacks. These risks include, among other things, the theft, loss, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil. Such systems failures and cyber-attacks affecting us, any third-party administrator, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, systems failures and cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate Accumulation Unit value, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines, litigation, and financial losses and/or cause reputational damage. Cyber security risks may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your Contract due to system disruptions, cyber-attacks or information security breaches in the future. In addition to cyber security risks, we are exposed to risks related to natural and man-made disasters, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. They could also result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from Contractowners. Disasters may negatively affect the computer and other systems on which we rely, impact our ability to calculate accumulation unit values, or have other possible negative impacts. They may also impact the issuers of securities in which the underlying funds invest, which may negatively affect the value of the underlying funds and the value of your Contract. There can be no assurance that we or the underlying funds or our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Item 10. Benefits Available (N-4) [Text Block] | Benefits Available Under the Contract The following table summarize information about the benefits available under the Contract. A detailed description of each benefit follows the table.
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Benefits Available [Table Text Block] |
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Name of Benefit [Text Block] | Name of Benefit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose of Benefit [Text Block] | Purpose | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brief Restrictions / Limitations [Text Block] | Brief Description of Restrictions / Limitations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Benefit [Text Block] | Name of Benefit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Item 17. Portfolio Companies (N-4) [Text Block] | Appendix A — Funds Available Under The ContractThe following is a list of funds currently available under the Contract. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the Fund’s prospectus, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-234-3500 or by sending an email request to CustServSupportTeam@lfg.com. The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance.
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Prospectuses Available [Text Block] | The following is a list of funds currently available under the Contract. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the Fund’s prospectus, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-234-3500 or by sending an email request to CustServSupportTeam@lfg.com. The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Companies [Table Text Block] |
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Portfolio Company Objective [Text Block] | Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Fee Reductions, Current Expenses [Text Block] | 2This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | ShortTermInvestmentRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Short-Term Investment Risk. This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral and long-term income also mean that the Contract is more beneficial to investors with a long-term horizon. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | VariableOptionRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Variable Option Risk. You take all the investment risk on the Contract Value and the retirement income for amounts placed into one or more of the Subaccounts, which invest in corresponding underlying funds. If the Subaccounts you select make money, your Contract Value goes up; if they lose money, your Contract Value goes down. How much it goes up or down depends on the performance of the Subaccounts you select. Each underlying fund is subject to its own investment risks. When you invest in a Subaccount, you are exposed to the investment risks of the underlying fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | ManagedVolatilityFundRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Managed Volatility Fund Risk. Certain underlying funds may employ risk management strategies to provide for downside protection during sharp downward movements in equity markets. These funds usually, but not always, have “Managed Risk” or “Managed Volatility” in the name of the fund. These strategies could limit the upside participation of the fund in rising equity markets relative to other funds. Risk management strategies, in periods of high market volatility, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and the value of your guaranteed benefits. For more information on these funds and their risk management strategies, please see the funds’ prospectuses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | WithdrawalRiskIlliquidityRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Withdrawal Risk (Illiquidity Risk). You should carefully consider the risks associated with taking a withdrawal or surrender under the Contract. The proceeds of your withdrawal or surrender may be subject to ordinary income taxes, including a tax penalty if you are younger than age 59½. You should also consider the impact that a withdrawal may have on the standard and optional benefits under your Contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | TransferRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Transfer Risk. Your ability to transfer between investment options may be restricted under the Contract. If permitted by your Contract, we may discontinue accepting transfers into the fixed side of the contract at any time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | FeeandExpenseRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Fee and Expense Risk. You are subject to the risk that we may increase certain contract fees and charges, and that underlying fund expenses may increase. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | FinancialStrengthandClaimsPayingAbilityRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Financial Strength and Claims-Paying Ability Risk. An investment in the Contract is subject to the risks related to us, Lincoln Life. Any obligations, guarantees, or benefits of the Contract are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | CybersecurityandBusinessInteruptionRiskMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Cybersecurity and Business Interruption Risks. We rely heavily on interconnected computer systems and digital data to conduct our annuity business. Because our business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks, including ransomware and malware attacks. These risks include, among other things, the theft, loss, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil. Such systems failures and cyber-attacks affecting us, any third-party administrator, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, systems failures and cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate Accumulation Unit value, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines, litigation, and financial losses and/or cause reputational damage. Cyber security risks may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your Contract due to system disruptions, cyber-attacks or information security breaches in the future. In addition to cyber security risks, we are exposed to risks related to natural and man-made disasters, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. They could also result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from Contractowners. Disasters may negatively affect the computer and other systems on which we rely, impact our ability to calculate accumulation unit values, or have other possible negative impacts. They may also impact the issuers of securities in which the underlying funds invest, which may negatively affect the value of the underlying funds and the value of your Contract. There can be no assurance that we or the underlying funds or our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | Risk of Loss [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | You can lose money by investing in this Contract, including loss of principal. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risk [Text Block] | Risk of Loss. You can lose money by investing in this Contract, including loss of principal. Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | Not Short Term Investment Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | •This Contract is not designed for short-term investing and may not be appropriate for the investor who needs ready access to cash.•The benefits of tax deferral, long-term income, and living benefit protections also mean the Contract is more beneficial to investors with a long-term investment horizon. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | Investment Options Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | •An investment in this Contract is subject to the risk of poor investment performance of the investment options you choose. Performance can vary depending on the performance of the investment options available under the Contract.•Each investment option has its own unique risks.•You should review the investment options before making an investment decision. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | Insurance Company Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | An investment in the Contract is subject to the risks related to us. Any obligations, guarantees, or benefits of the Contract are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about Lincoln Life, including our financial strength ratings, is available upon request by calling 1-800-454-6265 or visiting www.LincolnFinancial.com. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | LVIPAmericanGlobalBalancedAllocationManagedRiskFundStandardClassMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company Objective [Text Block] | A balance between a high level of current income and growth of capital. A fund of funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company Name [Text Block] | LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Expenses [Percent] | 0.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns, 1 Year [Percent] | (15.53%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns, 5 Years [Percent] | 2.78% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns, 10 Years [Percent] | 4.64% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | LVIPGlobalModerateAllocationManagedRiskFundStandardClassMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company Objective [Text Block] | A balance between a high level of current income and growth of capital, with an emphasis on growth of capital. A fund of funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company Name [Text Block] | LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Expenses [Percent] | 0.74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns, 1 Year [Percent] | (17.38%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns, 5 Years [Percent] | 1.11% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns, 10 Years [Percent] | 3.56% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln PathBuilder Income Version 4 | GuaranteedWithdrawalBenefitMember | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Contract (of Other Amount) (N-4) Minimum [Percent] | 0.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Contract (of Other Amount) (N-4) Maximum [Percent] | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Contract (N-4) Footnotes [Text Block] | As a percentage of the Income Base. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional Benefit Expense (of Benefit Base), Maximum [Percent] | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional Benefit Expense (of Benefit Base), Current [Percent] | 0.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional Benefit Expense, Footnotes [Text Block] | As percentage of the Income Base (initial Purchase Payment), as increased for subsequent Purchase Payments, Automatic Annual Step-ups and decreased upon an Excess Withdrawal. The current monthly charge is 0.075%, not to exceed the guaranteed maximum monthly percentage charge of 0.17%. This charge is deducted from the Participant Account Value on a monthly basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Benefit [Text Block] | Guaranteed Withdrawal Benefit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose of Benefit [Text Block] | •Guaranteed lifetime periodic withdrawals;•Annual step-ups of the Income Base;•Age-based increases the Guaranteed Annual Income amount. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Benefit [Flag] | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Benefit Expense (of Benefit Base), Maximum [Percent] | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional Benefit Expense (of Benefit Base), Maximum [Percent] | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional Benefit Expense (of Benefit Base), Current [Percent] | 0.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional Benefit Expense, Footnotes [Text Block] | As percentage of the Income Base (initial Purchase Payment), as increased for subsequent Purchase Payments, Automatic Annual Step-ups and decreased upon an Excess Withdrawal. The current monthly charge is 0.075%, not to exceed the guaranteed maximum monthly percentage charge of 0.17%. This charge is deducted from the Participant Account Value on a monthly basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brief Restrictions / Limitations [Text Block] | •Excess Withdrawals could significantly reduce or terminate the benefit. •Any Excess Withdrawal may negatively impact or eliminate the potential for enhancements or step-ups.•Subject to a $2 million maximum Protected Income Base.•Additional Purchase Payments may be limited. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Benefit [Text Block] | Guaranteed Withdrawal Benefit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operation of Benefit [Text Block] | Guaranteed Withdrawal Benefit The Guaranteed Withdrawal Benefit provides for each Participant (and spouse if the joint life option is elected): •Guaranteed lifetime periodic withdrawals up to the Guaranteed Annual Income amount which is based upon a guaranteed Income Base;•Automatic Annual Step-ups of the Income Base to the Participant Account Value if the Participant Account Value is equal to or greater than the Income Base and the maximum age(s) has not been reached;•Age-based increases to the Guaranteed Annual Income amount (after reaching a higher age-band and after an Automatic Annual Step-up).Please note any withdrawals made prior to the Guaranteed Annual Income Effective Date or that exceed the Guaranteed Annual Income amount (referred to as Excess Withdrawals) may significantly reduce the Income Base as well as the Guaranteed Annual Income amount by an amount greater than the dollar amount of the Excess Withdrawal and will terminate the benefit if the Income Base is reduced to zero. The Guaranteed Withdrawal Benefit provides guaranteed, periodic withdrawals for the Participant’s life or for the lives of the Participant and spouse (joint life option) regardless of the investment performance of the Contract, provided that certain conditions are met. For purposes of this Guaranteed Withdrawal Benefit, spouse means an individual who would be recognized as a spouse under federal law. An Income Base is used to calculate the Guaranteed Annual Income payment from Participant Account Value, but is not available as a separate benefit upon death or surrender. We will calculate the Income Base based on the amount of the initial Purchase Payment made for a Participant by Plan sponsor at the time the first Participant Purchase Payment is made. The Income Base will be increased by subsequent Participant Purchase Payments from the Plan sponsor and Automatic Annual Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. Limits on Purchase Payments are discussed in the Purchase Payments section of this prospectus. No additional Purchase Payments are allowed for a Participant if the Participant Account Value decreases to zero after the Guaranteed Annual Income Effective Date for any reason. The Guaranteed Withdrawal Benefit provides for guaranteed, periodic withdrawals up to the Guaranteed Annual Income amount commencing after the Participant (single life option) or younger of the Participant or spouse (joint life option) reach age 55. The Guaranteed Annual Income payments are based upon specified percentages of the Income Base. The specified withdrawal percentages of the Income Base are age based and may increase over time. With the single life option, the Participant may receive Guaranteed Annual Income payments for life. Under the joint life option, Guaranteed Annual Income amounts for the lifetimes of the Participant and spouse will be available. Income Base. The Income Base is a value used to calculate the Guaranteed Annual Income amount. The Income Base is not available as a lump sum withdrawal or as a Death Benefit. The initial Income Base equals the amount of the Participant’s share of Purchase Payments into the Contract. The maximum Income Base is $2,000,000 for each Participant. This maximum takes into consideration the total guaranteed amounts under the living benefit riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which the Participant (and/or spouse if joint life option) are the covered lives. Each additional Purchase Payment automatically increases the Income Base by the amount of the Purchase Payment (not to exceed the maximum Income Base). Additional Purchase Payments will not be allowed after the Guaranteed Annual Income Effective Date if the Participant Account Value decreases to zero for any reason including market loss. Excess Withdrawals reduce the Income Base as discussed below. Withdrawals less than or equal to the Guaranteed Annual Income amount and amounts deducted for the Guaranteed Withdrawal Benefit charge and Additional Plan Expenses will not reduce the Income Base. All withdrawals prior to the Guaranteed Annual Income Effective Date are considered Excess Withdrawals. Automatic Annual Step-ups of the Income Base. The Income Base will automatically step-up to the Participant Account Value on the Valuation Date immediately prior to each Benefit Year anniversary if: a.)the Participant (single life option), or the Participant or spouse (joint life option) are still living and under age 86 (if both spouses are living, they both must be under age 86); andb.)the Participant Account Value on that Valuation Date, after the deduction of any withdrawals (including the Guaranteed Withdrawal Benefit charge), plus any Purchase Payments made on that date, is equal to or greater than the Income Base.The Automatic Annual Step-up is available even in those years when a withdrawal has occurred. Following is an example of how the Automatic Annual Step-ups will work (assuming no withdrawals or additional Purchase Payments):
After a $12,000 Withdrawal, $3,400 is within the Guaranteed Annual Income amount, $8,600 is the Excess Withdrawal. The Participant Account Value is reduced by the amount of the Guaranteed Annual Income amount of $3,400 and the Income Base is not reduced: Participant Account Value = $56,600 ($60,000 - $3,400) Income Base = $85,000 The Participant Account Value is also reduced by the $8,600 Excess Withdrawal and the Income Base is reduced by 15.19435%, the same proportion that the Excess Withdrawal reduced the $56,600 Participant Account Value ($8,600 ÷ $56,600) Participant Account Value = $48,000 ($56,600 - $8,600) Income Base = $72,084.81 ($85,000 x 15.19435% = $12,915.19; $85,000 - $12,915.19 = $72,084.81) On the following Benefit Year anniversary: Participant Account Value = $43,000 Income Base = $72,084.81 Guaranteed Income amount = $2,883.39 (4% x $72,084.81 Income Base) In a declining market, Excess Withdrawals may significantly reduce the Income Base as well as the Guaranteed Annual Income amount. If the Income Base or Participant Account Value is reduced to zero due to an Excess Withdrawal the Guaranteed Withdrawal Benefit will terminate and the Participant will have no more rights or benefits under this Contract. After the Guaranteed Annual Income Effective Date, withdrawals will be treated as within the Guaranteed Annual Income amount (even if they exceed the Guaranteed Annual Income amount) only if the withdrawals are taken as systematic monthly or quarterly installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur: •Lincoln's monthly or quarterly automatic withdrawal service is used to calculate and pay the RMD;•The RMD calculation must be based only on the Participant Account Value in this Contract; and•No withdrawals other than RMDs are made within the Benefit Year (except as described in the next paragraph).If RMD withdrawals during a Benefit Year are less than the Guaranteed Annual Income amount, an additional amount up to the Guaranteed Annual Income amount may be withdrawn. If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the greater of the Guaranteed Annual Income amount or RMDs, will be treated as Excess Withdrawals. Distributions from qualified contracts are generally taxed as ordinary income. See Federal Tax Matters for a discussion of the tax consequences of withdrawals. Death Prior to the Annuity Commencement Date. The Guaranteed Withdrawal Benefit has no provision for a payout of the Income Base upon death of the Participant or Annuitant. A Death Benefit may be paid to the Beneficiary if the conditions set forth below are met. Payment of a Death Benefit terminates the Guaranteed Withdrawal Benefit for this Participant and surviving spouse if applicable. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. Upon the death of the Participant prior to the Guaranteed Annual Income Effective Date or upon the Participant’s death with the single life option, the Guaranteed Withdrawal Benefit will end and no further Guaranteed Annual Income amounts are available (even if there was an Income Base in effect at the time of the death). A Death Benefit as set forth below, may be available. Upon the first death under the joint life option, the lifetime payout of the Guaranteed Annual Income amount will continue for the life of the surviving spouse unless a Death Benefit is paid out if available. The Automatic Annual Step-up will continue if applicable as discussed above. Upon the death of the surviving spouse, the Guaranteed Withdrawal Benefit will end and no further Guaranteed Annual Income amounts are available (even if there was an Income Base in effect at the time of the death). A Death Benefit, as set forth below, may be available upon the second death. The Death Benefit is equal to the greater of: •the current Participant Account Value as of the Valuation Date we approve the payment of the claim; or•the sum of all Purchase Payments into the Participant Account Value decreased by withdrawals. Excess Withdrawals reduce the sum of all Purchase Payments in the same proportion that Excess Withdrawals reduced the Participant Account Value. All other withdrawals reduce the sum of all Purchase Payments by the dollar amount of the withdrawal.The value of the Death Benefit will be determined as of the date on which the death claim is approved for payment. This payment will occur upon receipt of: •proof, satisfactory to us, of the death;•written authorization for payment; and•our receipt of all required claim forms, fully completed.If the Death Benefit becomes payable upon the death of the Participant, the Beneficiary may elect to receive payment either in the form of a lump sum settlement or an Annuity Payout if provided by the Plan. Federal tax law requires that an annuity election be made no later than 60 days after we receive satisfactory notice of death as discussed previously. If a lump sum settlement is requested, the proceeds will be mailed within seven days of receipt of satisfactory claim documentation as discussed previously, subject to the laws and regulations governing payment of Death Benefits. This payment may be postponed as permitted by the 1940 Act. All Death Benefit payments will be subject to the Plan and to the laws and regulations governing Death Benefits. The tax code requires that any distribution be paid within five years of the death of the Participant unless the Beneficiary begins receiving, within one year of the Participant's death, the distribution in the form of a life annuity or an annuity for a designated period not exceeding the Beneficiary's life expectancy. Termination. The Contractowner may terminate the Contract, including the Guaranteed Withdrawal Benefit, by notifying us in writing and surrendering the Contract without requesting to preserve the Guaranteed Withdrawal Benefit. Under current law, if this occurs and the Participant is not eligible for a rollover distribution and the Plan sponsor does not make other arrangements to provide the benefit, the Participant may lose the Guaranteed Withdrawal Benefit. The Guaranteed Withdrawal Benefit will automatically terminate for a Participant: •on the Annuity Commencement Date; or•upon the death of the Participant prior to the Guaranteed Annual Income Effective Date; or•upon the death of the Participant under the single life option; or•upon the death of the survivor under the joint life option; or•when the Income Base or Participant Account Value is reduced to zero due to an Excess Withdrawal; or•if the Plan contains a small account payout provision and the Participant does not elect a rollover distribution (depending on a Plan’s terms, a rollover may not be available for account balances less than $200).The termination will not result in any increase in Contract Value equal to the Income Base. Upon effective termination of the Guaranteed Withdrawal Benefit, the benefits and charges within the Participant Account will terminate and any Participant Account Value must be removed from this Contract. Rollover Benefit. A Participant who is eligible for a rollover distribution from the Plan may request a rollover to another Lincoln contract to continue the Guaranteed Withdrawal Benefit if the following conditions are met: •a request for direct rollover of the entire Participant Account Value is made or authorized by the Contractowner;•the amount rolled over is eligible for distribution under the Plan;•the Participant applies for the participation in the rollover contract in accordance with our procedures; and•the entire Participant Account Value is transferred to the rollover contract.The rollover contract will provide similar Guaranteed Annual Income amount calculations that the Participant received from the retirement plan contract on the day prior to the rollover. However, the new contract may have different provisions such as charges and investment options. |
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