04/30/2024 | Press release | Distributed by Public on 04/30/2024 12:13
FEES AND EXPENSES
|
Location in
Prospectus
|
|
Charges for Early
Withdrawals
|
There are no surrender charges associated with the Contract.
|
•N/A
|
Transaction
Charges
|
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.
|
•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. 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.
|
•Fee Tables
•Examples
•Charges and
Other
Deductions
|
Annual Fee
|
Minimum
|
Maximum
|
Base Contract - Guarantee of Principal
Death Benefit
|
0.75%1
|
0.75%1
|
Investment options (fund fees and
expenses)
|
0.30%1
|
0.51%1
|
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
|
0.40%1
|
1.50%2
|
1 As a percentage of average Account Value in the Subaccounts.
|
||
2 As an annualized percentage of the greater of the Contract Value or the sum of all Purchase Payments.
|
||
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: $1,283
|
Highest Annual Cost: $3,096
|
|
Assumes:
|
Assumes:
|
|
•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
|
|
RISKS
|
Location in
Prospectus
|
|
Risk of Loss
|
•You can lose money by investing in this Contract, including loss of principal.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
RISKS
|
Location in
Prospectus
|
|
Not a Short-Term
Investment
|
•This Contract is not designed for short-term investing and is not 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.
|
•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
|
Risks Associated
with Investment
Options
|
•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.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
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.
|
•Principal Risks
|
RESTRICTIONS
|
Location in
Prospectus
|
|
Investments
|
•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.
•
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Optional Benefits
|
•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.
•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.
|
•The Contracts
•Death Benefits
•Federal Tax
Matters -
Payment of
Investment
Advisory Fees
|
TAXES
|
Location in
Prospectus
|
|
Tax Implications
|
•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.
|
•Federal Tax
Matters
|
CONFLICTS OF INTEREST
|
Location in
Prospectus
|
|
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.
|
•The Contracts -
Replacement
of Existing
Insurance
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
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 1
|
0.30%
|
14.55%
|
9.47%
|
7.51%
|
Current income while (i)maintaining a
stable value of your shares (providing
stability of net asset value) and (ii)
preserving the value of your initial
investment (preservation of capital).
|
LVIP Government Money Market Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
|
0.39%2
|
4.75%
|
1.61%
|
0.99%
|
To match as closely as practicable, before
fees and expenses, the performance of
the Bloomberg U.S. Aggregate Index.
|
LVIP SSGA Bond Index Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
|
0.37%2
|
5.30%
|
0.78%
|
1.49%
|
A balance between high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP SSGA Moderately Aggressive Index
Allocation Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
|
0.51%
|
14.82%
|
8.04%
|
5.72%
|