04/29/2024 | Press release | Distributed by Public on 04/29/2024 09:47
FEES AND EXPENSES
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Location in
Prospectus
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Charges for Early
Withdrawals
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There are no surrender charges associated with the Contract.
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•N/A
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Transaction
Charges
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There is currently no charge for a transfer. We reserve the right to charge a $25 fee for
each transfer if you make more than 12 transfers in one Contract Year.
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•N/A
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Ongoing Fees and
Expenses (annual
charges)
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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. These charges do not reflect any
advisory fees paid to a financial intermediary from Contract Value or other assets of the
Contractowner. If such charges were reflected, the ongoing fees and expense would be
higher.
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•Fee Tables
•Examples
•Charges and
Other
Deductions
|
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Annual Fee
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Minimum
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Maximum
|
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Base Contract
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0.20%1
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0.20%1
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Investment options (fund fees and
expenses)
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0.53%1
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1.20%1
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Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
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0.40%1
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2.45%2
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1 As a percentage of average Account Value in the Subaccounts.
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2 As an annualized percentage of the Protected Income Base.
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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.
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Lowest Annual Cost: $1,026
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Highest Annual Cost: $5,991
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Assumes:
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Assumes:
|
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•Investment of $100,000
•5% annual appreciation
•Least expensive fund fees and
expenses
•No optional benefits
•No additional Purchase Payments,
transfers, or withdrawals
•No sales charges or advisory fees
|
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits and fund fees and
expenses
•No additional Purchase Payments,
transfers, or withdrawals
•No sales charges or advisory fees
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RISKS
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Location in
Prospectus
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Risk of Loss
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•You can lose money by investing in this Contract, including loss of principal.
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•Principal Risks
•Investments of
the Variable
Annuity
Account
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RISKS
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Location in
Prospectus
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Not a Short-Term
Investment
|
•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 mean
the Contract is more beneficial to investors with a long-term investment horizon.
•Withdrawals are subject to ordinary income tax and may be subject to tax penalties.
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•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
•Living Benefit
Riders
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Risks Associated
with Investment
Options
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•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 (including the fixed account option) has its own unique risks.
•You should review the investment options before making an investment decision.
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•Principal Risks
•Investments of
the Variable
Annuity
Account
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Insurance
Company Risks
|
•An investment in the Contract is subject to the risks related to Lincoln New York. Any
obligations (including under the fixed account option), 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
New York, including our financial strength ratings, is available upon request by
calling 1-800-454-6265 or visiting www.LincolnFinancial.com.
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•Principal Risks
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RESTRICTIONS
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Location in
Prospectus
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Investments
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•We reserve the right to charge a $25 fee for each transfer if you make more than 12
transfers in one Contract Year.
•We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
•Your ability to transfer between investment options may also be restricted as a result
of Investment Requirements if you have elected an optional benefit.
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•Principal Risks
•Investments of
the Variable
Annuity
Account
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Optional Benefits
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•Optional benefits may limit or restrict the investment options that you may select
under the Contract. We may change these restrictions in the future.
•Optional benefit availability may vary by selling broker-dealer.
•Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
•You are required to have a certain level of Contract Value for some new rider
elections.
•We may modify or stop offering an optional benefit that is currently available at any
time.
•If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
•If you elect to pay third-party advisory fees out of your Contract Value, this deduction
may reduce the Death Benefit(s) and other guaranteed benefits, and may be subject
to federal and state income taxes and a 10% federal penalty tax.
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•The Contracts
•Living Benefit
Riders
•Death Benefits
•Federal Tax
Matters -
Payment of
Investment
Advisory Fees
•Appendix B -
Investment
Requirements
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TAXES
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Location in
Prospectus
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Tax Implications
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•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 benefit 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.
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•Federal Tax
Matters
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CONFLICTS OF INTEREST
|
Location in
Prospectus
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Exchanges
|
•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.
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•The Contracts -
Replacement
of Existing
Insurance
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
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Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
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1 year
|
5 year
|
10 year
|
|||
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term.
|
American Funds Asset Allocation Fund -
Class 4
|
0.80%
|
14.02%
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8.92%
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6.98%
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Seeks to provide a level of current
income that exceeds the average yield
on U.S. stocks generally and to provide
a growing stream of income over the
years.
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American Funds Capital Income
Builder® - Class 4
|
0.78%2
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8.75%
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7.18%
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N/A
|
To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
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American Funds Capital World Bond
Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.73%
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6.14%
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-0.33%
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0.36%
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To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
|
American Funds Capital World Bond
Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
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0.98%
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5.89%
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-0.56%
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0.12%
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Long-term growth of capital while
providing current income.
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American Funds Capital World Growth
and Income Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.66%2
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20.88%
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10.34%
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7.62%
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Long-term growth of capital while
providing current income.
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American Funds Capital World Growth
and Income Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
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0.91%2
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20.65%
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10.07%
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7.36%
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The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
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American Funds Global Balanced Fund -
Class 4
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1.02%2
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13.45%
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7.16%
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5.20%
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Long-term growth of capital.
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American Funds Global Growth Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.66%2
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22.60%
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13.65%
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9.58%
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Long-term growth of capital.
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American Funds Global Growth Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
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0.91%2
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22.29%
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13.36%
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9.30%
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Long-term growth of capital. A fund of
funds.
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American Funds Global Growth
PortfolioSM - Class 4
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0.97%
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23.03%
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11.36%
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N/A
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Investment Objective
|
Fund and
Adviser/Sub-adviser1
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Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
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1 year
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5 year
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10 year
|
|||
Long-term capital growth.
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American Funds Global Small
Capitalization Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.91%2
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16.17%
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8.31%
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5.78%
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Long-term capital growth.
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American Funds Global Small
Capitalization Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
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1.16%2
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15.79%
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8.03%
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5.51%
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To provide long-term growth of capital
while providing current income. A fund
of funds.
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American Funds Growth and Income
PortfolioSM - Class 4
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0.82%
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15.86%
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8.53%
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N/A
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Growth of capital.
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American Funds Growth Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.59%
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38.49%
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18.68%
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14.36%
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Growth of capital.
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American Funds Growth Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
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0.84%
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38.13%
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18.38%
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14.07%
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Long-term growth of capital and income.
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American Funds Growth-Income Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.53%
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26.14%
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13.36%
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10.91%
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Long-term growth of capital and income.
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American Funds Growth-Income Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
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0.78%
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25.82%
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13.08%
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10.63%
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To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
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American Funds High-Income Trust -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.57%2
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12.45%
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6.09%
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4.41%
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To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
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American Funds High-Income Trust -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
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0.82%2
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12.18%
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5.84%
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4.15%
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Long-term growth of capital.
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American Funds International Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.78%
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15.84%
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4.83%
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3.41%
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Long-term growth of capital.
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American Funds International Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
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1.03%
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15.56%
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4.58%
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3.15%
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Long-term growth of capital while
providing current income.
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American Funds International Growth
and Income Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
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0.81%
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15.76%
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6.11%
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3.31%
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Long-term growth of capital while
providing current income.
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American Funds International Growth
and Income Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
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1.06%
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15.66%
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5.86%
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3.06%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
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5 year
|
10 year
|
|||
To provide high total return (including
income and capital gains) consistent
with preservation of capital over the long
term while seeking to manage volatility
and provide downside protection. A fund
of funds.
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American Funds Managed Risk Asset
Allocation Fund - Class P2
|
0.90%2
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10.23%
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5.91%
|
4.74%
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High total return (including income and
capital gains) consistent with
preservation of capital over the long
term while seeking to manage volatility
and provide downside protection. A fund
of funds.
|
American Funds Managed Risk Global
Allocation PortfolioSM - Class P2
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1.04%2
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10.52%
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4.56%
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N/A
|
Long-term growth of capital and current
income while seeking to manage
volatility and provide downside
protection. A fund of funds.
|
American Funds Managed Risk Growth
and Income PortfolioSM - Class P2
|
0.91%2
|
11.71%
|
5.66%
|
N/A
|
To provide growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
|
American Funds Managed Risk Growth
Fund - Class P2
|
0.94%2
|
23.50%
|
10.98%
|
8.30%
|
Long-term growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
|
American Funds Managed Risk Growth
PortfolioSM - Class P2
|
0.94%2
|
15.57%
|
6.73%
|
N/A
|
To achieve long-term growth of capital
and income while seeking to manage
volatility and provide downside
protection. A fund of funds.
|
American Funds Managed Risk Growth-
Income Fund - Class P2
|
0.87%2
|
15.90%
|
7.60%
|
6.15%
|
To provide long-term growth of capital
while seeking to manage volatility and
provide downside protection. A fund of
funds.
|
American Funds Managed Risk
International Fund - Class P2
|
1.10%2
|
6.22%
|
0.79%
|
0.24%
|
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing while seeking to manage
volatility and provide downside
protection. A fund of funds.
|
American Funds Managed Risk
Washington Mutual Investors Fund -
Class P2
|
0.89%2
|
9.73%
|
5.59%
|
4.73%
|
To provide current income and
preservation of capital.
|
American Funds Mortgage Fund - Class
2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.57%2
|
3.68%
|
0.80%
|
1.48%
|
To provide current income and
preservation of capital.
|
American Funds Mortgage Fund - Class
4
This fund is not available in contracts
issued before May 22, 2017.
|
0.82%2
|
3.51%
|
0.57%
|
1.24%
|
Long-term capital appreciation.
|
American Funds New World Fund® -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.82%2
|
15.99%
|
8.64%
|
4.69%
|
Long-term capital appreciation.
|
American Funds New World Fund® -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
1.07%2
|
15.67%
|
8.37%
|
4.43%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
To provide as high a level of current
income as is consistent with the
preservation of capital.
|
American Funds The Bond Fund of
America - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.48%2
|
5.02%
|
1.89%
|
2.08%
|
To provide as high a level of current
income as is consistent with the
preservation of capital.
|
American Funds The Bond Fund of
America - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.73%2
|
4.72%
|
1.62%
|
1.83%
|
To provide a high level of current income
consistent with prudent investment risk
and preservation of capital.
|
American Funds U.S. Government
Securities Fund - Class 4
|
0.76%2
|
2.62%
|
0.79%
|
1.27%
|
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
|
American Funds Ultra-Short Bond Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.56%
|
4.64%
|
1.37%
|
0.74%
|
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
|
American Funds Ultra-Short Bond Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.81%
|
4.44%
|
1.12%
|
0.53%
|
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
|
American Funds Washington Mutual
Investors Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.52%2
|
17.29%
|
12.60%
|
9.91%
|
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
|
American Funds Washington Mutual
Investors Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.77%2
|
16.97%
|
12.33%
|
9.64%
|
A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
|
LVIP American Balanced Allocation Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
13.27%
|
7.63%
|
5.72%
|
A balance between a high level of
current income and growth of capital. A
fund of funds.
|
LVIP American Global Balanced
Allocation Managed Risk Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.95%
|
11.41%
|
5.39%
|
4.14%
|
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
|
LVIP American Global Growth Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.97%
|
13.57%
|
5.82%
|
4.14%
|
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
|
LVIP American Growth Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.94%2
|
14.55%
|
8.17%
|
6.12%
|
A high level of current income with
some consideration given to growth of
capital. A fund of funds.
|
LVIP American Income Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
10.40%
|
5.73%
|
4.51%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Current income, consistent with the
preservation of capital. A fund of funds.
|
LVIP American Preservation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.86%2
|
3.74%
|
0.98%
|
1.00%
|
Group 1
Investments must be at least 20% of Contract Value or Account Value.
|
Group 2
Investments cannot exceed 80% of Contract Value or Account Value.
|
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities Fund
LVIP American Preservation Fund
|
American Funds Managed Risk Asset Allocation Fund
American Funds Managed Risk Global Allocation PortfolioSM
American Funds Managed Risk Growth and Income PortfolioSM
American Funds Managed Risk Growth Fund
American Funds Managed Risk Growth PortfolioSM
American Funds Managed Risk Growth-Income Fund
American Funds Managed Risk International Fund
American Funds Managed Risk Washington Mutual Investors Fund
LVIP American Global Balanced Allocation Managed Risk Fund
LVIP American Global Growth Allocation Managed Risk Fund
|
Group 1
Investments must be at least 20% of Contract Value or Account Value
|
Group 2
Investments cannot exceed 80% of Contract Value or Account Value
|
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities Fund
LVIP American Preservation Fund
|
American Funds Asset Allocation Fund
American Funds Capital Income Builder®
American Funds Capital World Growth and Income Fund
American Funds Global Balanced Fund
American Funds Global Growth Fund
American Funds Global Growth PortfolioSM
American Funds Growth and Income PortfolioSM
American Funds Growth Fund
|
Group 1
Investments must be at least 20% of Contract Value or Account Value
|
Group 2
Investments cannot exceed 80% of Contract Value or Account Value
|
American Funds Growth-Income Fund
American Funds High-Income Trust
American Funds International Fund
American Funds International Growth and Income Fund
American Funds Managed Risk Asset Allocation Fund
American Funds Managed Risk Global Allocation PortfolioSM
American Funds Managed Risk Growth and Income PortfolioSM
American Funds Managed Risk Growth PortfolioSM
American Funds Ultra-Short Bond Fund
American Funds Washington Mutual Investors Fund
LVIP American Balanced Allocation Fund
LVIP American Global Balanced Allocation Managed Risk Fund
LVIP American Global Growth Allocation Managed Risk Fund
LVIP American Growth Allocation Fund
LVIP American Income Allocation Fund
|