Form 11-K LINCOLN NATIONAL CORP For: Dec 31

June 23, 2021 3:56 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION



 

Washington, D.C.  20549



FORM 11-K



FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934





(Mark One)



[X]  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the fiscal year ended December 31, 2020



OR



[  ]  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from __________ to ________



Commission File Number 1-6028



A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:



LNC EMPLOYEES’

401(k) SAVINGS PLAN



B.   Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:





Lincoln National Corporation

150 N. Radnor Chester Road

Radnor, PA  19087
























 



LNC Employees’ 401(k) Savings Plan



Audited Financial Statements

and Supplemental Schedule



As of December 31, 2020 and 2019, and For the

Year Ended December 31, 2020









Table of Contents





 

Report of Independent Registered Public Accounting Firm



 

Audited Financial Statements

 



 

Statements of Net Assets Available for Benefits

Statement of Changes in Net Assets Available for Benefits

Notes to Financial Statements



 

Supplemental Schedule

 



 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)



 

Signature

10 



 

 

 


 







Report of Independent Registered Public Accounting Firm



To the Lincoln National Corporation Benefits Committee and Plan Participants

LNC Employees’ 401(k) Savings Plan



Opinion on the Financial Statements



We have audited the accompanying statements of net assets available for benefits of the LNC Employees’ 401(k) Savings Plan (the Plan) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America



Basis for Opinion



These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.



Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.



Supplemental Information



The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule of  assets (held at end of year) we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.





/s/ Mitchell & Titus, LLP



We have served as the Plan’s auditor since 2018.

Philadelphia, Pennsylvania



June  23, 2021

1

 


 

LNC Employees’ 401(k) Savings Plan

 

Statements of Net Assets Available for Benefits







 

 

 

 

 

 



 

As of December 31,

 



 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Investments, at fair value

$

2,420,832,586 

 

$

2,012,750,879 

 

LNL investment contract, at contract value

 

499,170,456 

 

 

430,586,745 

 

Total investments

 

2,920,003,042 

 

 

2,443,337,624 

 



 

 

 

 

 

 

Notes receivable from participants

 

38,809,314 

 

 

40,702,650 

 

Contributions receivable from Employer

 

43,346,802 

 

 

42,719,004 

 

Net assets available for benefits

$

3,002,159,158 

 

$

2,526,759,278 

 



 

 

 

 

 

 



 

 

 

 

 

 



 





 























































See accompanying Notes to Financial Statements

2

 


 

LNC Employees’ 401(k) Savings Plan

 

Statement of Changes in Net Assets Available for Benefits







 

 

 



For the

 



Year Ended

 



December 31, 2020

 

Additions

 

 

 

Net investment income (loss):

 

 

 

Net appreciation (depreciation) of investments

$

388,619,229

 

Interest and dividends

 

32,024,135

 

Total net investment income (loss)

 

420,643,364

 



 

 

 

Interest income on notes receivable from participants

 

2,143,366

 



 

 

 

Contributions:

 

 

 

Employer

 

103,003,935

 

Participant

 

88,719,628

 

Rollover

 

23,781,156

 

Total contributions

 

215,504,719

 

Total additions

 

638,291,449

 



 

 

 

Deductions

 

 

 

Benefits paid to participants

 

162,782,778

 

Administrative expenses

 

103,041

 

Total deductions

 

162,885,819

 



 

 

 

Net increase (decrease) before transfer of assets

 

475,405,630

 

Net transfers from (to) affiliated plans

 

(5,750

)

Net increase (decrease)

 

475,399,880

 



 

 

 

Net Assets Available for Benefits

 

 

 

Beginning-of-year

 

2,526,759,278

 

End-of-year

$

3,002,159,158

 



 

 

 





































See accompanying Notes to Financial Statements

 

3

 


 

LNC Employees’ 401(k) Savings Plan

 

Notes to Financial Statements

1.   Description of the Plan



The following description of the LNC Employees’ 401(k) Savings Plan (the “Plan”) is a summary only; a detailed Plan document can be obtained from Lincoln National Corporation (“LNC” or the “Employer”) Human Resources.  The Plan is administered by the LNC Benefits Committee (the “Plan Administrator”) and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Plan may be amended periodically in order to comply with changes in applicable laws and to make changes in Plan administration. 



Eligibility

The Plan is a contributory, defined contribution plan that covers substantially all employees of the Employer and certain of its subsidiaries who meet the conditions of eligibility to participate as defined by the Plan document.  



Contributions

Participants may contribute up to 75% of their pre-tax annual compensation to the Plan, subject to annual individual deferral limitations as determined by the Internal Revenue Service (“IRS”).  All newly hired or rehired employees are automatically enrolled in the Plan with pre-tax contributions being made at the rate of 6% of eligible earnings.  A participant may elect to not participate in the Plan or change the pre-tax contribution rate from 6%.  A participant may also elect to make Roth 401(k) contributions to the Plan.  Roth 401(k) contributions are includable in the participant’s gross income at the time of deferral and must be irrevocably designated as Roth 401(k) contributions.  Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions, as determined by the IRS and ERISA.  Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (“rollover”).



Employer contributions are made to the Plan.  The basic Employer match is $1.00 for each $1.00 that a participant contributes each pay period, up to 6% of eligible earnings.  The “core” Employer contribution is 4% of eligible earnings and is contributed to each eligible employee regardless of whether the employee elects to defer earnings into the Plan.  The core Employer contribution is applied to eligible earnings on an annual basis.  Participants receive the core Employer contribution the following year based on prior year eligible earnings.  In order to be eligible for the core Employer contribution, participants must be actively employed as of the last business day of the Plan year.  In the event of termination due to death, disability, job elimination, retirement or transfer to full-time Agent status, the core Employer contribution will be based on eligible earnings up to the termination date

   

Investment Options

Participants direct the investment of their contributions into various investment options offered by the Plan.    Employer contributions are invested in the same manner as participant elective contributions.  The Plan currently offers various mutual funds, collective investment trusts, a guaranteed investment contract issued by The Lincoln National Life Insurance Company (“LNL”), and LNC common stock as investment options for participants.  In addition, participants have the option of utilizing a self-directed brokerage account (“brokerage account”), through which participants are able to invest in a variety of securities including mutual funds, common stock or cash and invested cash.



Participant Accounts

Separate accounts are maintained for each participant.  Each participant’s account balance is credited with the participant’s contributions and any rollovers, the Employer contributions, and an allocation of the Plan’s investment income or losses based upon the participant’s election of investment options.   



Vesting

Participants’ pre-tax contributions, Roth 401(k) contributions, Employer match contributions and earnings thereon are fully vested at all times.  Participants eligible for the core Employer contributions are fully vested after two years of service.



Forfeitures

Upon a participant’s termination, the unvested portion of the participant’s account is forfeited.  Forfeited non-vested amounts may be used to reduce future Employer contributions or pay administrative expenses of the Plan.  During the year ended December 31, 2020, forfeitures of $245,000 were used to reduce Employer contributions and forfeitures of $103,041 were used to pay administrative expenses of the Plan.  As of December 31, 2020 and 2019, unallocated forfeitures were $67,864 and $67,129, respectively.

4

 


 

LNC Employees’ 401(k) Savings Plan

 

Notes to Financial Statements

Notes Receivable from Participants

Participants may borrow from their accounts a minimum of $500 up to a maximum equal to the lesser of 50% of the participant’s vested account value or $50,000, reduced by the highest outstanding loan balance in the previous 12-month period.  An origination fee of $50 is deducted from the loan amount when participants take out a loan from their account.  Loan terms range from 1 to 5 years or up to 20 years for the purchase of a principal residence.  Principal and interest are paid ratably through payroll deductions.  Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.  Participant loans bear interest at a rate commensurate with prevailing rates for loans of a similar type as determined by the Plan Administrator.  Interest rates on outstanding participant loans ranged from 3.25% to 9.25% with maturities through 2040 as of December 31, 2020.



Benefit Payments 

Upon termination, a participant may elect to receive a lump-sum amount equal to the participant’s vested interest in his or her account balance, an installment option if certain criteria are met, or a systematic withdrawal option in the form of a series of periodic payments; in case of death, the participant’s beneficiary makes that election.



Participants with vested account balances less than $1,000 are immediately distributed as a lump-sum under the terms of the Plan, without the participant’s consent, unless the participant has made a timely rollover election to an Individual Retirement Account or other qualified arrangement.



Plan Termination

Although it has not expressed any intent to do so, the Employer has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.  In the event of Plan termination, all non-vested participant account balances would become fully vested.



2.   Summary of Significant Accounting Policies



Basis of Presentation

The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA. 

   

Investments Valuation and Income Recognition

The Plan’s investments are primarily reported at fair value, with the exception of the Plan’s fully benefit-responsive investment contract that is reported at contract valueFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the contract and is the relevant measure for the portion of assets attributable to fully benefit-responsive investment contracts.  See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded when earned.  Dividends are recorded on the ex-dividend date.  Net appreciation (depreciation) includes gains and losses on investments bought and sold as well as held during the year.



Notes Receivable from Participants

Notes receivable from participants are valued at unpaid principal balance plus any accrued interest.  Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document.  No allowance for credit loss has been recorded as of December 31, 2020 and 2019.  If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be a distribution, the participant loan is reduced and a benefit payment is recorded. 



5

 


 

LNC Employees’ 401(k) Savings Plan

 

Notes to Financial Statements

Benefit Payments

Benefits are recorded when paid. 



Administrative Expenses

The Plan’s administrative expenses are paid by either the Plan or Employer, as provided by the Plan document. 



Accounting Estimates and Assumptions

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the financial statements.  Actual results may differ from those estimates.



Adoption of New Accounting Standard

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2018-13, Disclosure Framework − Changes to the Disclosure Requirements for Fair Value Measurement, which amended  Accounting Standards Codification 820, Fair Value Measurement (“ASC 820”).  This ASU removed, modified or added certain disclosure requirements for fair value measurements.   The adoption of this ASU did not have a material impact on the presentation of the Plan’s fair value measurement disclosures.





3.   Fair Value Measurements



The Plan accounts for its financial assets and liabilities in accordance with ASC 820, which are carried at fair value on a recurring basis in the financial statements.  ASC 820 establishes a fair value hierarchy that requires assets and liabilities measured at fair value to be categorized into one of the three levels based on the priority of inputs used in the valuation.  Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement.  The three levels are defined as follows:



·

Level 1:  Inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date;



·

Level 2:  Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value can be determined through the use of models or other valuation methodologies; and



·

Level 3:  Inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability, and we make estimates and assumptions related to the pricing of the asset or liability, including assumptions regarding risk.



Valuation Methodologies for Investments at Fair Value



Mutual Funds

Mutual funds are valued at the net asset value (“NAV”) reported in the active market where the fund is traded on a daily basis.



LNC Common Stock

LNC common stock is valued at the closing price on the last business day of the Plan year on the active market on which the individual security is traded.



Cash and Invested Cash

Cash and invested cash is carried at cost and includes all highly liquid debt instruments purchased with an original maturity of three months or less.    



Brokerage Account

The brokerage account consists primarily of mutual funds, common stock and cash and invested cash, which are valued similar to the respective valuation methodologies as disclosed above.



6

 


 

LNC Employees’ 401(k) Savings Plan

 

Notes to Financial Statements

Collective Investment Trusts

Collective investment trusts’ fair values are determined by the administrator of the trust using the NAV as a practical expedient.  There are currently no redemption restrictions on the collective investment trusts.  The NAV is based on the value of the underlying assets owned by the trust, minus its liabilities and then divided by the number of shares outstanding.  The NAV is quoted on a private market that is not active; however, the unit price of the underlying investments is traded on an active market. 



The Plan did not have any assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019.  There were no transfers into or out of Level 3 for the years ended December 31, 2020 and 2019.



The valuation methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial investments could result in a different fair value measurement at the reporting date.  There have been no changes in valuation methodologies during the years ended December 31, 2020 and 2019.

The following summarizes investments information measured at fair value on a recurring basis by the fair value hierarchy levels as described above:





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



As of December 31, 2020

 



Quoted Prices in

 

Significant

 

 

 

 



Active Markets for

 

Observable

 

 

 

 



Identical Assets

 

Inputs

 

 

 



(Level 1)

 

(Level 2)

 

Total

 



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Mutual funds

$

289,015,597 

 

$

 -

 

$

289,015,597 

 

LNC common stock

 

130,996,496 

 

 

 -

 

 

130,996,496 

 

Cash and invested cash

 

 -

 

 

2,800,247 

 

 

2,800,247 

 

Brokerage account

 

98,928,567 

 

 

14,652,791 

 

 

113,581,358 

 

Total investments measured at fair value

$

518,940,660 

 

$

17,453,038 

 

 

536,393,698 

 

Collective investment trusts at NAV

 

 

 

 

 

 

 

1,884,438,888 

 

Total investments, at fair value

 

 

 

 

 

 

$

2,420,832,586 

 







 

 

 

 

 

 

 

 

 



As of December 31, 2019

 



Quoted Prices in

 

Significant

 

 

 

 



Active Markets for

 

Observable

 

 

 

 



Identical Assets

 

Inputs

 

 

 



(Level 1)

 

(Level 2)

 

Total

 



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Mutual funds

$

224,658,210 

 

$

 -

 

$

224,658,210 

 

LNC common stock

 

120,113,666 

 

 

 -

 

 

120,113,666 

 

Cash and invested cash

 

 -

 

 

3,937,297 

 

 

3,937,297 

 

Brokerage account

 

60,227,981 

 

 

12,346,099 

 

 

72,574,080 

 

Total investments measured at fair value

$

404,999,857 

 

$

16,283,396 

 

 

421,283,253 

 

Collective investment trusts at NAV

 

 

 

 

 

 

 

1,591,467,626 

 

Total investments, at fair value

 

 

 

 

 

 

$

2,012,750,879 

 





4 LNL Investment Contract



The LNL investment contract is a fully benefit-responsive investment contract and is reported at contract value on the Statements of Net Assets Available for Benefits.  Benefit responsiveness is defined as the extent to which a contract’s terms and the Plan permit or require participant-initiated withdrawals at contract value.  Contract value is the relevant measure for fully benefit-

7

 


 

LNC Employees’ 401(k) Savings Plan

 

Notes to Financial Statements

responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan.  Contract value represents participant contributions, plus earnings at guaranteed crediting rates, less participant withdrawals. 



The LNL investment contract is a group fixed annuity contract, backed by the creditworthiness of LNL, which has no maturity dateDeposits made to the investment contract are deposited in LNL’s general account.  LNL is contractually obligated to repay the principal and a specified crediting interest rate that is guaranteed to the PlanThere are no reserves against contract value for credit risk of LNL or otherwise.   Participants may ordinarily direct permitted withdrawals or transfers of all or a portion of their account at contract value within reasonable time frames.  Restrictions apply to the aggregate movement of funds to other investment options.  There is no event that is probable that limits the ability of the Plan to transact at less than contract value with LNL.  There are also no events or circumstances that are probable that would allow LNL to terminate the group fixed annuity contract with the Plan and settle at an amount different from contract value. 

5.   Income Tax Status



The Plan received a determination letter from the IRS dated August 21, 2017, stating that the Plan is qualified under section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation.  Subsequent to this determination by the IRS, the Plan has been amended.  However, the Plan Administrator and the Plan’s tax counsel believe the Plan is currently designed and being operated in compliance with the applicable requirements of the Code.



The Plan Administrator has concluded that as of December 31, 2020, there were no uncertain tax positions taken or expected to be taken.  The Plan recognized no interest or penalties related to uncertain tax positions.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  The Plan Administrator believes it is no longer subject to income tax examinations for years prior to the applicable statute of limitations.



6.   Related Party and Party-in-Interest Transactions



The Plan’s investments represent funds invested in, or maintained by, Lincoln Financial Group Trust Company, Inc. (“LFGTC”), Lincoln Retirement Services Company, LLC (“LRSC”), Matrix Trust Company and TD Ameritrade.  LFGTC is the Plan’s Trustee; LRSC, an affiliate of LNC, is the recordkeeper for the Plan; Matrix Trust Company is the custodian for shares of LNC common stock and TD Ameritrade is the custodian of the brokerage account assets.  Therefore, these investments represent exempt party-in-interest transactions.  All fees paid to LFGTC and LRSC for its services provided to the Plan were paid by LNC.



The Plan invests in the LNL investment contract, which is a guaranteed investment contract in the general account of LNLTotal interest from the LNL investment contract was $13,794,079 for the year ended December 31, 2020.

As of December 31, 2020 and 2019, LFGTC held approximately 3,285,000 and 2,556,000 shares of LNC common stock, respectively, in the Lincoln Stock Fund,  of which 80% was the Plan’s pro-rata share.    For the year ended December 31, 2020, dividend income in the Lincoln Stock Fund was approximately $5,456,000, of which 81% was the Plan’s pro-rata share.    



7.   Risks and Uncertainties



The Plan invests in various investment securities that are exposed to various risks, such as interest rate, market and credit risks.  Due to the level of risks associated with certain investment securities, it is at least reasonably possible that changes in the fair values of investment securities will occur in the near term, and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.



The Plan’s exposure to concentrations of credit risk is dependent upon the investments selected by participants.  The Plan’s investments in LNC common stock and the LNL investment contract represented approximately 4% and 17% of the Plan’s net assets, respectively, as of December 31, 2020, and approximately 5% and 17% of the Plan’s net assets, respectively, as of December 31, 2019.

 

8

 


 



































Supplemental Schedule



















 

 

 


 





 

 

 

 

 

 

 

 

 

 

LNC Employees' 401(k) Savings Plan

 

Plan Number: 009

 

EIN: 35-1140070

 

Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

 

December 31, 2020

 



 

 

 

 

 

 

 

 

 

 

(a)

 

(b)

 

(c)

 

(d)

 

 

(e)

 



 

 

 

Description of Investment

 

 

 

 

 

 



 

 

 

Including Maturity Date,

 

 

 

 

 

 



 

Identity of Issue, Borrower,

 

Rate of Interest,

 

Cost

 

Current

 



 

Lessor or Similar Party

 

Par or Maturity Value

 

**

 

Value

 



 

 

 

 

 

 

 

 

 

 



 

Mutual funds:

 

 

 

 

 

 

 

 



 

American Funds

 

Growth Fund of America R-6

 

 

 

$

279,084,796 

 



 

Delaware Foundation

 

Small Cap Value Fund R-6

 

 

 

 

9,930,801 

 



 

Total mutual funds

 

 

 

 

 

 

289,015,597 

 



 

 

 

 

 

 

 

 

 

 



 

Collective investment trusts:

 

 

 

 

 

 

 

 



 

Acadian Asset Management

 

All Country World/ex U.S. Equity

 

 

 

 

82,224,725 

 



 

Macquarie Investment Management

 

Large Cap Value Trust

 

 

 

 

90,470,808 

 



 

Macquarie Investment Management

 

Smid Cap Growth Trust

 

 

 

 

132,137,883 

 



 

Macquarie Investment Management

 

Diversified Income Trust Class B

 

 

 

 

74,813,328 

 



 

MFS

 

International Growth Fund

 

 

 

 

78,893,893 

 



 

PIMCO

 

Diversified Real Asset Collective Trust

 

 

 

 

8,467,207 

 



 

State Street Global Advisors Ltd.

 

Target Retirement Income Fund

 

 

 

 

27,778,134 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2020 Fund

 

 

 

 

67,222,870 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2025 Fund

 

 

 

 

154,584,291 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2030 Fund

 

 

 

 

178,730,827 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2035 Fund

 

 

 

 

178,283,415 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2040 Fund

 

 

 

 

157,312,774 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2045 Fund

 

 

 

 

147,717,909 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2050 Fund

 

 

 

 

116,103,332 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2055 Fund

 

 

 

 

72,765,643 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2060 Fund

 

 

 

 

26,093,189 

 



 

State Street Global Advisors Ltd.

 

Target Retirement 2065 Fund

 

 

 

 

1,413,705 

 



 

State Street Global Advisors Ltd.

 

Global Equity All Cap/ex U.S. Index Fund

 

 

 

 

29,671,146 

 



 

State Street Global Advisors Ltd.

 

Russell Small-Mid Cap Index Fund

 

 

 

 

90,798,744 

 



 

State Street Global Advisors Ltd.

 

U.S. Bond Index Fund

 

 

 

 

26,182,181 

 



 

State Street Global Advisors Ltd.

 

S&P 500 Index Non Lending Series Fund

 

 

 

 

142,772,884 

 



 

Total collective investment trusts

 

 

 

 

 

 

1,884,438,888 

 



 

 

 

 

 

 

 

 

 

 

*

 

LNC

 

Common stock

 

 

 

 

130,996,496 

 



 

 

 

 

 

 

 

 

 

 

*

 

LNL

 

Investment contract - at contract value

 

 

 

 

499,170,456 

 



 

 

 

 

 

 

 

 

 

 

*

 

Matrix Trust Company

 

Cash and invested cash

 

 

 

 

2,800,247 

 



 

 

 

 

 

 

 

 

 

 

*

 

TD Ameritrade

 

Brokerage account

 

 

 

 

113,581,358 

 



 

 

 

 

 

 

 

 

 

 

*

 

Participant loans

 

Maturing through November 2040, interest rates

 

 

 

 

 

 



 

 

 

ranging from 3.25% to 9.25%

 

 

 

 

38,809,314 

 



 

 

 

 

 

 

 

$

2,958,812,356 

 



 

 

 

 

 

 

 

 

 

 

*

 

Represents a permitted party-in-interest

 

 

 

 

 

 

 

 

**

 

Cost information is not required for participant-directed investments

 

 

 

 

 

 





 

9

 


 







SIGNATURE



THE PLAN:  Pursuant to the requirements of the Securities and Exchange Act of 1934, the Administrator of the LNC Employees’ 401(k) Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.





 



LNC Employees’ 401(k) Savings Plan

 

 



By: /s/ John Arko

Date: June 23, 2021

John Arko, Secretary, Lincoln National

Corporation Benefits Committee



 











10

 




Exhibit 23.1





Consent of  Independent  Registered  Public  Accounting  Firm



We consent to the incorporation by reference in Registration Statement (Form S-8 Nos.333-126020 and 333-161989) pertaining to the LNC Employees’ 401(k) Savings Plan of Lincoln National Corporation of our report dated June 23, 2021, with respect to the financial statements and supplemental schedule of the LNC Employees’ 401(k) Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2020.



/s/ Mitchell & Titus, LLP

Philadelphia, Pennsylvania

June  23, 2021











1




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