485APOS 1 pea2.htm

As filed with the Securities and Exchange Commission on June 12, 2020
1933 Act Registration No. 333-233764
1940 Act Registration No. 811-05721
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 2
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 561
Lincoln National Variable Annuity Account H
(Exact Name of Registrant)
American Legacy® Target Date Income B-Share
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
(Name of Depositor)
1300 South Clinton Street
Post Office Box 1110
Fort Wayne, Indiana 46801
(Address of Depositor’s Principal Executive Offices)
Depositor’s Telephone Number, Including Area Code: (260) 455-2000
Leon E. Roday, Esquire
The Lincoln National Life Insurance Company
150 North Radnor Chester Road
Radnor, PA 19087
(Name and Address of Agent for Service)
Copy to:
Carolyn E. Augur, Esquire
The Lincoln National Life Insurance Company
350 Church Street
Hartford, Connecticut 06103
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective:
/ / immediately upon filing pursuant to paragraph (b) of Rule 485
/ / on _____________, pursuant to paragraph (b) of Rule 485
/X/ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
/ / on __________, pursuant to paragraph (a)(1) of Rule 485
Title of Securities being registered:
Interests in a separate account under individual flexible
payment deferred variable annuity contracts.




The Lincoln National Life Insurance Company

Lincoln National Variable Annuity Account H

American Legacy® Target Date Income B-Share

Rate Sheet Prospectus Supplement dated _________, 2020

This Rate Sheet Prospectus Supplement (“Rate Sheet”) provides the rates for the Target Date Income Benefit. This supplement is for informational purposes and requires no action on your part. This Rate Sheet must be retained with the current prospectus.
The rates below apply for applications and/or rider election forms signed on and after ______, 2020.

The rates in this Rate Sheet can be superseded. In the event we change our rates, the new rate sheet will become effective at least 10 days after it is filed. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, or online at LincolnFinancial.com. This Rate Sheet has been filed with the Securities and Exchange Commission and can be viewed at www.sec.gov.

Current Initial Protected Lifetime Income Fee Rate

 
Single Life
Joint Life
Current Initial Annual Charge …………………………………………………
1.10%
1.35%

Enhancement Rate

5%

Protected Annual Income Rate

The Protected Annual Income (“PAI”) rate is established when you elect the rider. The rate is based on your age (younger of you and your spouse under the joint life option) and will not increase.

Single Life PAI Rate
Joint Life PAI Rate
Age
Rate
Age
Rate
Age
Rate
Age
Rate
48
2.90%
67
5.25%
48
2.30%
67
4.65%
49
3.00%
68
5.30%
49
2.40%
68
4.70%
50
3.10%
69
5.35%
50
2.50%
69
4.75%
51
3.20%
70
5.40%
51
2.60%
70
4.80%
52
3.25%
71
5.45%
52
2.65%
71
4.85%
53
3.40%
72
5.50%
53
2.80%
72
4.90%
54
3.50%
73
5.55%
54
2.90%
73
4.95%
55
3.65%
74
5.60%
55
3.05%
74
5.00%
56
3.80%
75
5.65%
56
3.20%
75
5.05%
57
3.90%
76
5.70%
57
3.30%
76
5.10%
58
4.10%
77
5.75%
58
3.50%
77
5.15%
59
4.25%
78
5.80%
59
3.65%
78
5.20%
60
4.50%
79
     5.85%
60
3.90%
79
5.25%
61
4.60%
80
5.90%
61
4.00%
80
5.30%
62
4.65%
81
5.95%
62
4.05%
81
5.35%
63
4.85%
82
6.00%
63
4.25%
82
5.40%
64
5.00%
83
6.10%
64
4.40%
83
5.50%
65
5.20%
84
6.20%
65
4.60%
84
5.60%
66
5.25%
85
6.30%
66
4.65%
85
5.70%

In order to receive the rates indicated in this Rate Sheet, your application or rider election form must be signed on and after ________, 2020. We must receive your application or rider election form in Good Order within one day from the date you sign your application or rider election form, and the annuity must be funded within one calendar day. Good Order means the actual receipt by Lincoln at its Home Office of the requested transaction in writing, or by other means accepted by Lincoln, along with all the information and supporting legal documentation necessary to complete the transaction. Additional paperwork may be required if these conditions are not met and you still wish to purchase the annuity in order to receive the applicable rates in effect at that time.




THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Lincoln National Variable Annuity Account H
American Legacy® Target Date Income B Share
Supplement dated _____, 2020 to the prospectus dated May 1, 2020

This supplement to the prospectus for your individual variable annuity contract discusses changes that will be effective on and after August ____, 2020. This supplement is for informational purposes and requires no action on your part.
Beginning August ___, 2020 the current fee rate and Enhancement Rate for the Target Date Income Benefit are disclosed on the rate sheet.

DESCRIPTION OF CHANGES

The current protected lifetime income fee rate and the Enhancement Rate for Target Date Income Benefit elections on and after August ____ 2020 are disclosed in the Rate Sheet prospectus supplement:
The following discussion describes changes that are incorporated into the specified sections of your prospectus.
Expense Tables. The current protected lifetime income fee rate for Target Date Income Benefit elections on and after ___ , 2020, will be disclosed in a Rate Sheet prospectus supplement. The current initial annual fee rate will be less than or equal to the stated guaranteed maximum annual charge.
Charges and Other Deductions – Protected Lifetime Income Fee. The following information is added to this section of your prospectus.
The current protected lifetime income fee rate for new rider elections is disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rider fee rate and the date by which your application or rider election form must be signed and dated for a rider to be issued with that rates. The rate may be superseded at any time in our sole discretion and may be higher or lower than the rate on the previous Rate Sheet.

Any change to the protected lifetime income fee rate will be disclosed in a new rate sheet before that rate becomes effective. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, online at www.LincolnFinancial.com or by calling us at number listed in your prospectus.
Living Benefit Riders – Rate Sheets.  The following paragraphs replace the current Rate Sheet section of the prospectus for riders elected on and after August ___, 2020.
The current Enhancement rate and Protected Annual Income withdrawal rates for the Target Date Income Benefit are disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rates current and the date by which your application or rider election form must be signed and dated for a rider to be issued with those rates. The rates may be superseded at any time, in our sole discretion, and may be higher or lower than the rates on the previous Rate Sheet.
The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application or rider election form must be sent to us and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, online at www.LincolnFinancial.com or by calling us at the number listed in the front of your prospectus.
Living Benefit Riders – Target Date Income Benefit - Enhancement.  The following disclosure is added to the Enhancement section and applies to riders elected on and after August ____, 2020.
The Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than the prior rate, but for existing Contractowners that have elected the rider, your Enhancement rate will not change as a result.

The Enhancement rate applicable to new rider elections is disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current Enhancement rate and the date by which your application or rider election form must be signed and dated for a rider to be issued with that rate. The Enhancement rate may be superseded at any time in our sole discretion and may be higher or lower than the rate on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the Enhancement rate indicated in a Rate Sheet, your application or rider election form must be sent to us and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, online at www.LincolnFinancial.com or by calling us at number listed in your prospectus.




Please keep this supplement for future reference.







PART A

The prospectus for the American Legacy Target Date Income B Share variable annuity contract is incorporated herein by reference to Post-Effective Amendment No. 1 (File No. 333-233764) filed on April 15, 2020.




PART B

The Statement of Additional Information for the American Legacy Target Date Income B Share variable annuity contract is incorporated herein by reference to Post-Effective Amendment No. 1 (File No. 333-233764) filed on April 15, 2020.








Lincoln National Variable Annuity Account H
PART C - OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) List of Financial Statements
1. Part A
The Table of Condensed Financial Information is included in Part A of this Registration Statement. (To Be Filed by Amendment)
2. Part B
The following financial statements for the Variable Account are included in Part B of this Registration Statement: (To Be Filed by Amendment)
Statement of Assets and Liabilities - December 31, 2019
Statement of Operations - Year ended December 31, 2019
Statements of Changes in Net Assets - Years ended December 31, 2019 and 2018
Notes to Financial Statements - December 31, 2019
Report of Independent Registered Public Accounting Firm
3. Part B
The following consolidated financial statements for The Lincoln National Life Insurance Company are included in Part B of this Registration Statement: (To Be Filed by Amendment)
Consolidated Balance Sheets - Years ended December 31, 2019 and 2018
Consolidated Statements of Comprehensive Income (Loss) - Years ended December 31, 2019, 2018 and 2017
Consolidated Statements of Stockholder’s Equity - Years ended December 31, 2019, 2018 and 2017
Consolidated Statements of Cash Flows - Years ended December 31, 2019, 2018 and 2017
Notes to Consolidated Financial Statements - December 31, 2019
Report of Independent Registered Public Accounting Firm
(b) List of Exhibits
(2) None

 

B-2

 

(b) Fund Participation Agreements among The Lincoln National Life Insurance Company and:
(c) Rule 22c-2 Agreement between The Lincoln National Life Insurance Company and:
(10)(a) Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm (To Be Filed by Amendment)
(11) Not applicable
(12) Not applicable
Item 25. Directors and Officers of the Depositor
The following list contains the officers and directors of The Lincoln National Life Insurance Company who are engaged directly or indirectly in activities relating to Lincoln National Variable Annuity Account H as well as the contracts. The list also shows The Lincoln National Life Insurance Company's executive officers.
Name   Positions and Offices with Depositor
Ellen G. Cooper*   Executive Vice President, Chief Investment Officer, and Director
Randal J. Freitag*   Executive Vice President, Chief Financial Officer, and Director
Wilford H. Fuller*   Executive Vice President and Director
Christopher A. Giovanni*   Senior Vice President and Treasurer
Dennis R. Glass*   President and Director
Stephen B. Harris*   Senior Vice President and Chief Ethics and Compliance Officer
Christine Janofsky*   Senior Vice President and Controller
Leon E. Roday*   Executive Vice President, General Counsel and Director
Keith J. Ryan**   Vice President and Director
Nancy A. Smith*   Senior Vice President and Secretary
Joseph D. Spada***   Vice President and Chief Compliance Officer for Separate Accounts
*Principal business address is Radnor Financial Center, 150 Radnor Chester Road, Radnor, PA 19087
**Principal business address is 1300 South Clinton Street, Fort Wayne, Indiana 46802
***Principal business address is 350 Church Street, Hartford, Connecticut 06096
Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant
See Exhibit 13 above: Lincoln National Corporation Organizational Chart.
Item 27. Number of Contractowners
As of May 31, 2020 there were 266,745 contract owners under Account H.
Item 28. Indemnification
a) Brief description of indemnification provisions.
B-3

 

In general, Article VII of the By-Laws of The Lincoln National Life Insurance Company (Lincoln Life or Company) provides that Lincoln Life will indemnify certain persons against expenses, judgments and certain other specified costs incurred by any such person if he/she is made a party or is threatened to be made a party to a suit or proceeding because he/she was a director, officer, or employee of Lincoln Life, as long as he/she acted in good faith and in a manner he/she reasonably believed to be in the best interests of, or act opposed to the best interests of, Lincoln Life. Certain additional conditions apply to indemnification in criminal proceedings.
In particular, separate conditions govern indemnification of directors, officers, and employees of Lincoln Life in connection with suits by, or in the right of, Lincoln Life.
Please refer to Article VII of the By-Laws of Lincoln Life (Exhibit no. 6(b) hereto) for the full text of the indemnification provisions. Indemnification is permitted by, and is subject to the requirements of, Indiana law.
b) Undertaking pursuant to Rule 484 of Regulation C under the Securities Act of 1933:
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 28(a) above or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 29. Principal Underwriter
(a) Lincoln Financial Distributors, Inc. (“LFD”) currently serves as Principal Underwriter for: Lincoln National Variable Annuity Account C; Lincoln National Flexible Premium Variable Life Account D; Lincoln National Variable Annuity Account E; Lincoln National Flexible Premium Variable Life Account F; Lincoln National Flexible Premium Variable Life Account G; Lincoln National Variable Annuity Account H; Lincoln Life & Annuity Variable Annuity Account H; Lincoln Life Flexible Premium Variable Life Account J; Lincoln Life Flexible Premium Variable Life Account K; Lincoln National Variable Annuity Account L; Lincoln Life & Annuity Variable Annuity Account L; Lincoln Life Flexible Premium Variable Life Account M; Lincoln Life & Annuity Flexible Premium Variable Life Account M; Lincoln Life Variable Annuity Account N; Lincoln New York Account N for Variable Annuities; Lincoln Life Variable Annuity Account Q; Lincoln Life Flexible Premium Variable Life Account R; LLANY Separate Account R for Flexible Premium Variable Life Insurance; Lincoln Life Flexible Premium Variable Life Account S; LLANY Separate Account S for Flexible Premium Variable Life Insurance; Lincoln Life Variable Annuity Account T; Lincoln Life Variable Annuity Account W; and Lincoln Life Flexible Premium Variable Life Account Y and Lincoln Life & Annuity Flexible Premium Variable Life Account Y; Lincoln Life Variable Annuity Account JF-H; Lincoln Life Variable Annuity Account JF-I; Lincoln Life Flexible Premium Variable Life Account JF-A; Lincoln Life Flexible Premium Variable Life Account JF-C; Lincoln Life Variable Annuity Account JL-A; Lincoln Life & Annuity Flexible Premium Variable Life Account JA-B; Lincoln Variable Insurance Products Trust; Lincoln Advisors Trust.
(b) Officers and Directors of Lincoln Financial Distributors, Inc.:
Name   Positions and Offices with Underwriter
Andrew J. Bucklee*   Senior Vice President and Director
Wilford H. Fuller*   President, Chief Executive Officer and Director
Christopher A. Giovanni*   Senior Vice President and Treasurer
John C. Kennedy*   Senior Vice President, Head of Retirement Solutions Distribution, and Director
MacGregor B. Maitland*   Vice President and Chief Compliance Officer
Thomas P. O'Neill*   Senior Vice President and Chief Operating Officer
Christopher P. Potochar*   Senior Vice President and Director, Head of Finance and Strategy
Claire H. Hanna*   Secretary
*Principal Business address is Radnor Financial Center, 150 Radnor Chester Road, Radnor, PA 19087
(c) N/A
B-4

 

Item 30. Location of Accounts and Records
All accounts, books, and other documents, except accounting records, required to be maintained by Section 31a of the 1940 Act and the Rules promulgated thereunder are maintained by The Lincoln National Life Insurance Company, 1300 South Clinton Street, Fort Wayne, Indiana 46802. The accounting records are maintained by State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, MO 64105.
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
(a) Registrant undertakes that it will file a post-effective amendment to this registration statement as frequently as necessary to ensure that the audited financial statements in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted.
(b) Registrant undertakes that it will include either (1) as part of any application to purchase a Certificate or an Individual Contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a post card or a similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information.
(c) Registrant undertakes to deliver any Statement of Additional Information and any financial statements required to be made available under this Form promptly upon written or oral request to Lincoln Life at the address or phone number listed in the Prospectus.
(d) The Lincoln National Life Insurance Company hereby represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by The Lincoln National Life Insurance Company.
Item 33.
For contracts sold in connection with the Texas Optional Retirement Program, Registrant is relying on Rule 6c-7 and represents that paragraphs (a) through (d) of that rule have been complied with.
SIGNATURES
(a) As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this Post-Effective Amendment No. 2 to the registration statement to be signed on its behalf, in the City of Hartford, and State of Connecticut on this 12th day of June, 2020.

 		Lincoln National Variable Annuity Account H (Registrant)
 American Legacy® Target Date Income B-Share
  By: /s/ Delson R. Campbell
Delson R. Campbell
Vice President, The Lincoln National Life Insurance Company
(Title)
  THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
(Depositor)
  By: /s/ Michelle L. Grindle
Michelle L. Grindle
(Signature-Officer of Depositor)
Assistant Vice President, The Lincoln National Life Insurance Company
(Title)
(b) As required by the Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in their capacities indicated on June 12, 2020.
B-5

 

Signature Title
*/s/ Dennis R. Glass
Dennis R. Glass 		President and Director (Principal Executive Officer)
*/s/ Ellen Cooper
Ellen Cooper 		Executive Vice President, Chief Investment Officer and Director
*/s/ Randal J. Freitag
Randal J. Freitag 		Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)
*/s/ Leon E. Roday
Leon E. Roday 		Executive Vice President, General Counsel and Director
*/s/ Wilford H. Fuller
Wilford H. Fuller 		Executive Vice President and Director
*/s/ Keith J. Ryan
Keith J. Ryan 		Vice President and Director
*By: /s/ Delson R. Campbell
Delson R. Campbell 		Pursuant to a Power of Attorney
B-6