485BPOS 1 pea51.htm
As filed with the Securities and Exchange Commission on August 14, 2020
1933 Act Registration No. 333-35780
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. 51
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 569
Lincoln National Variable Annuity Account H
(Exact Name of Registrant)
American Legacy III® Plus
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
/X/ on August 14, 2020, pursuant to paragraph (b) of Rule 485
/ / 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


Rate Sheet Prospectus Supplement dated August 14, 2020

This Rate Sheet Prospectus Supplement (“Rate Sheet”) provides the i4LIFE® Advantage Select Guaranteed Income Benefit rates and percentages that we are currently offering. 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 election forms signed on and after August 17, 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The rates in this Rate Sheet can be superseded.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.

i4LIFE® Advantage Select Guaranteed Income Benefit Charge Rate

i4LIFE® Select Advantage Guaranteed Income Benefit
Single Life
Joint Life
Current Initial Annual Charge* …………………………………………………
1.35%
1.55%
*This charge is added to the product charge, which includes the mortality and expense risk charge for the death benefit you have elected.

i4LIFE® Advantage Select Guaranteed Income Benefit


Single Life GIB Percentage
 
Joint Life GIB Percentage
 
Age
 
GIB Percentage
 
Age
 
GIB Percentage
 
Under 40
2.50%
Under 40
2.50%
40-54
3.00%
40-54
2.75%
55-58
3.25%
55-58
3.00%
59-64
3.75%
59-64
3.50%
65-69
4.25%
65-69
4.00%
70-74
5.00%
70-74
4.25%
75-79
5.00%
75-79
4.75%
80+
5.25%
80+
5.00%

In order to receive the rate indicated in this Rate Sheet, your application or rider election form must be signed and dated on and after August 17, 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® II, American Legacy® III, American Legacy® III B Class
American Legacy® III C Share, American Legacy® III View, American Legacy® III Plus
American Legacy® Design, American Legacy® Series, American Legacy® Fusion
American Legacy® Advisory, American Legacy® Signature
American Legacy Shareholder’s Advantage®, American Legacy Shareholder’s Advantage® A Class

Prospectus Supplement dated August 14, 2020

This supplement to the prospectus for your individual variable annuity contract discusses changes that will be effective on and after August 17, 2020. This supplement is for informational purposes and requires no action on your part.

OVERVIEW
Beginning August 17, 2020 for the Living Benefit Riders listed below, the current fee rate or charge, and the current Enhancement Rate (if applicable) are disclosed on the rate sheet. Please note that your contract may not include every rider discussed in this supplement.

•
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk);
•
Lincoln Market Select® Advantage;
•
Lincoln Max 6 SelectSM Advantage;
•
Lincoln IRA Income PlusSM,
•
4LATER® Select Advantage; and
•
i4LIFE® Advantage Guaranteed Income Benefit.

DESCRIPTION OF CHANGES

The current protected lifetime income fee rate for the following riders elected on and after August 17, 2020 is disclosed in the Rate Sheet prospectus supplement:

•
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk);
•
Lincoln Market Select® Advantage;
•
Lincoln Max 6 SelectSM Advantage;
•
Lincoln IRA Income PlusSM; and
•
4LATER® Select Advantage.
Additionally, the current annual charge rate for new elections of i4LIFE® Advantage Guaranteed Income Benefit (including transitions from prior riders) on and after August 17, 2020 is disclosed in the Rate Sheet.
The following discussion describes changes that are incorporated into the specified sections of your prospectus.

Expense Tables. The current protected lifetime income fee rate or charge rate for the Living Benefit Riders listed above elected on and after August 17, 2020, will be disclosed in a Rate Sheet prospectus supplement. The current initial annual fee rate or charge rate will be less than or equal to the stated guaranteed maximum annual charge.

Charges and Other Deductions – Protected Lifetime Income Fees. 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.
Charges and Other Deductions – i4LIFE® Advantage Guaranteed Income Benefit Charge. The following information is added to this section of your prospectus.

The current annual charge rate for new rider elections (including transitions from prior riders) is disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rider charge 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 annual charge 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.

The Enhancement rate for the following riders elected on and after August 17, 2020 will be disclosed in the Rate Sheet:
•
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk);
•
Lincoln Market Select® Advantage;
•
Lincoln Max 6 SelectSM Advantage;
•
Lincoln IRA Income PlusSM; and
•
4LATER® Select Advantage.
The following discussion describes changes that are incorporated into the specified sections of 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 17, 2020.
The current Enhancement rate, Protected Annual Income rates, and Guaranteed Income Benefit percentages available under certain Living Benefit Riders are disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rate and/or current percentages 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 and/or percentages. The rates and/or percentages may be superseded at any time, in our sole discretion, and may be higher or lower than the rates and/or percentages 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 and/or percentage 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 registered representative, online at www.LincolnFinancial.com or by calling us at the number listed in the front of this prospectus. The rates and/or percentages from previous effective periods will be included in an appendix to the prospectus.
Living Benefit Riders – Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), Lincoln Market Select® Advantage, Lincoln Max 6 SelectSM Advantage, Lincoln IRA Income PlusSM, and 4LATER® Select Advantage - Enhancement.  The following disclosure is added to the Enhancement section for each Living Benefit Rider listed here and applies to riders elected on and after August 17, 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.







Lincoln National Variable Annuity Account H
PART C - OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) List of Financial Statements
1. Part A
2. Part B
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
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-3

 

(b) Fund Participation Agreements among The Lincoln National Life Insurance Company and:
B-4

 

(c) Rule 22c-2 Agreement between The Lincoln National Life Insurance Company and:
(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-5

 

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-6

 

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.
(e) Registrant hereby represents that it is relying on the American Council of Life Insurance (avail. Nov. 28, 1988) no-action letter with respect to Contracts used in connection with retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code, and represents further that it will comply with the provisions of paragraphs (1) through (4) set forth in that no-action letter.
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 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 6th day of August, 2020 at 4:00 pm.

Lincoln National Variable Annuity Account E (File No: 811-04882; CIK:0000804223)
033-26032 (Amendment No. 67)

Lincoln National Variable Annuity Account H (File No: 811-05721; CIK:0000847552)

033-27783 (Amendment No. 65)
333-170695 (Amendment No. 40)
333-18419 (Amendment No. 69)
333-175888 (Amendment No. 19)
333-35780 (Amendment No. 51)
333-181615 (Amendment No. 30)
333-35784 (Amendment No. 64)
333-212681 (Amendment No. 13)
333-61592 (Amendment No. 66)
333-233762 (Amendment No. 2)
333-63505 (Amendment No. 74)
333-233764 (Amendment No. 4)
333-135219 (Amendment No. 46)
  

Lincoln Life Variable Annuity Account N (File No: 811-08517; CIK:0001048606)

333-36304 (Amendment No. 75)
333-170897 (Amendment No. 30)
333-36316 (Amendment No. 85)
333-172328 (Amendment No. 34)
333-40937 (Amendment No. 79)
333-174367 (Amendment No. 24)
333-61554 (Amendment No. 79)
333-181612 (Amendment No. 28)
333-135039 (Amendment No. 46)
333-186894 (Amendment No. 30)
333-138190 (Amendment No. 56)
333-212680 (Amendment No. 12)
333-149434 (Amendment No. 30)
333-214143 (Amendment No. 15)
333-170529 (Amendment No. 31)
333-236907 (Amendment No. 2)

Lincoln National Variable Annuity Account H
Lincoln Life Variable Annuity Account N
 (Registrant)

By:            /s/ Delson R. Campbell
Delson R. Campbell
Vice President, The Lincoln National Life Insurance Company

Signed on its behalf, in the City of Hartford, and the State of Connecticut on this 7th day of August, 2020 at 3:00 pm.

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

(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 August 6, 2020 at 4:00 pm.

Signature
Title
 
*/s/ Dennis R. Glass                                                                      
Dennis R. Glass
 
President, Director, and Chairman
(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/ Wilford H. Fuller                                                                      
Wilford H. Fuller
 
Executive Vice President, and Director
 
* /s/ Leon E. Roday                                                                      
Leon E. Roday
 
Executive Vice President, General Counsel and Director
 
* /s/ Keith J. Ryan                                                                      
Keith J. Ryan
 
Vice President and Director
 
* By /s/ Delson R. Campbell, Pursuant to a Power of Attorney
       Delson R. Campbell

B-7