[FWP] Lincoln National Corp. Free Writing Prospectus

Rhea-AI Filing Summary

Lincoln National Corporation (LNC) has issued a Notice of Fund Changes for the LNL Agents’ 401(k) Savings Plan. Effective June 13, 2025, the Income America 2025 Fund 5ForLife-L was merged into the Income America In Retirement Fund 5ForLife-L because both vehicles now share the same conservative asset-allocation mix aimed at providing steady retirement income. All existing balances and future contribution elections that were in the 2025 Fund were automatically transferred or mapped to the In Retirement Fund; participants can no longer direct money to the eliminated fund.

The consolidation did not alter fees: both funds carry total and net annual operating expenses of 0.85% (about $8.50 per $1,000 invested). As of March 31, 2025 the 2025 Fund posted a 1-year return of 5.01% versus 4.78% for the In Retirement Fund, while since-inception returns (12-08-2022) were 7.84% and 7.71%, respectively. Participants may review or change their investment allocations online or by calling Lincoln’s customer contact center.

Insights

Financial Analyst

TL;DR — Fund consolidation is an administrative plan change with no material impact on LNC’s corporate financials or shareholders.

The filing merely informs plan participants that a target-date fund (2025 vintage) has been merged into an existing in-retirement fund within the company-sponsored 401(k). Fees, returns, ticker symbols, and mapping mechanics are disclosed, but no new liabilities, revenue streams, or capital commitments arise for Lincoln National Corporation. From a public-equity standpoint the change is operational housekeeping, not a strategic or financial event. Consequently, it is unlikely to influence LNC’s earnings outlook, capital position, or valuation multiples. The information is relevant only to plan participants who now hold the In Retirement Fund by default and may wish to rebalance.

Filed Pursuant to Rule 433

Registration Nos. 333-283057

and 333-163855

July 1, 2025

The following information is a Notice of Fund Changes relating to the Investment Lineup under the LNL Agents’ 401(k) Savings Plan (the “Plan”). For more information about each of the investment options offered under the Plan (except for the LNC Stock Fund), you should log on to your account at www.LincolnFinancial.com or contact the Lincoln Customer Contact Center at 800-234-3500.

[LINCOLN FINANCIAL LOGO]			Lincoln Financial
			150 N. Radnor Chester Road
			Radnor, PA 19087
			LincolnFInancial.com

July 1, 2025

Notice of Fund Changes (“Notice”) for:

LNL Agents’ 401(k) Savings Plan

Dear Plan Participant:

This Notice gives you an overview of changes recently made to the LNL Agents’ 401(k) Savings Plan (the “Plan”) and the actions you may wish to consider as a result of such changes.

Effective June 13, 2025, the Income America 2025 Fund 5ForLife-L ("2025 Fund") was merged into and became part of the Income America In Retirement Fund 5ForLife-L (“In Retirement Fund”). The In Retirement Fund, designed for those participants who are entering in or who are already in retirement, provides a mix of stocks, bonds and cash that tends to be managed to more of a conservative asset-allocation strategy. Its aim is to provide participants with steady income throughout retirement.

The 2025 Fund was designed to evolve to reduce its exposure to stocks until its mix of investments matched the In Retirement Fund (i.e., they eventually would have the same asset allocation). Because the 2025 Fund now mirrors the In Retirement Fund, the 2025 Fund was merged into the In Retirement Fund effective June 13, 2025.

Any existing assets and/or future contribution investment elections received that were in the 2025 Fund as of June 13, 2025, were automatically mapped (or transferred) as shown in the chart below. Any contributions or rollovers received on or after June 13, 2025 that were directed to the fund being eliminated will be mapped as shown in the chart below. Note, any contributions received during the period June 13, 2025 (including contributions made with the June 25, 2025 pay) and June 30, 2025 (the date the mapping [or transfer]) was completed,

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were adjusted for any gains and/or losses incurred during such period and these amounts were also transferred to the In Retirement Fund.

For purposes of clarity, the terms “mapped” and “mapping” refer to your future contributions, while “transferred” and “transfer” refer to your existing account balances.

If you were invested in the following fund that was eliminated:						Your balance and investment elections were transferred to this existing fund:
97184J318			Income America 2025 Fund 5ForLife-L			97184J326			Income America In Retirement Fund 5ForLife-L
Prior to investing in a collective investment trust option, an investor should consider carefully the investment objectives, risks, and charges and expenses of the offeror of the collective investment trust.

Eliminated Fund Fund Name			Total annual operating expenses %			Total annual operating expenses $			Net operating expenses %			Net operating expenses $			1-yr return %			5-yr return %			10-yr return %			Since inception return %			Inception date
Income America 2025 Fund 5ForLife-L (97184J318)			0.85%			$8.50			0.85%			$8.50			5.01%			---			---			7.84%			12/08/2022

Existing/Map Fund Fund Name			Total annual operating expenses %			Total annual operating expenses $			Net operating expenses %			Net operating expenses $			1-yr return %			5-yr return %			10-yr return %			Since inception return %			Inception date
Income America In Retirement Fund 5ForLife-L (97184J326)			0.85%			$8.50			0.85%			$8.50			4.78%			---			---			7.71%			12/08/2022

Average returns provided are representative of performance as of March 31, 2025.

Actions to consider

Take a few minutes to review your investment portfolio. Make any changes you feel are necessary to meet your retirement savings goals. If you wish to change the investment of your existing account or future contributions as currently mapped (or transferred), you may change your investment elections and/or make a reallocation on your own by initiating a transfer at any time. Please note that you cannot choose to keep any investments in or transfer any investment to the fund that was eliminated. To make a change, log on to your account at LincolnFinancial.com to complete your transaction online, or call the Lincoln Customer Contact Center at 800-234-3500. Customer Service Representatives are available Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET.

This Notice supplements the more comprehensive Annual Participant Fee Disclosure Notice (“Fee Disclosure Notice”) you received regarding certain Plan and investment-related information found in the Comparative Chart Summary contained in the Fee Disclosure Notice. Please keep this supplemental Notice with your Fee Disclosure Notice. A copy of the most recent Fee Disclosure Notice is available by contacting the Lincoln Customer Contact Center at 800-234-3500.

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Questions?

If you have any questions about these changes or would like to change your investment and contribution elections under the Plan, contact the Lincoln Customer Contact Center at 800-234-3500 (Monday – Friday, 8:00 a.m. – 8:00 p.m. ET) or log on to your account at LincolnFinancial.com. For more information about the Plan, please review the Plan’s Summary Plan Description/Prospectus which can be requested from the Lincoln Customer Contact Center.

This Notice contains important information about the Plan and

should be kept with your Summary Plan Description/Prospectus.

* * * * *

All of the internet website addresses are provided for your convenience. None of the information contained in such websites shall be deemed incorporated by reference in this document.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents free by visiting EDGAR on the SEC website at www.sec.gov. Alternately, the issuer will arrange to send you the prospectus if you request it by calling the Lincoln Customer Contact Center at 800-234-3500.

Lincoln Financial is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations.

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FAQ

What fund was eliminated from the LNL Agents’ 401(k) Savings Plan?

The Income America 2025 Fund 5ForLife-L (CUSIP 97184J318) was merged out of the lineup.

Which fund received the assets and future contributions?

All balances and contributions were transferred to the Income America In Retirement Fund 5ForLife-L (CUSIP 97184J326).

Did the expense ratio change after the merger?

No. Both funds carry an identical total and net annual operating expense of 0.85% ($8.50 per $1,000).

What were the 1-year returns for the affected funds as of March 31, 2025?

5.01% for the eliminated 2025 Fund and 4.78% for the In Retirement Fund.

How can participants change their investment elections after the mapping?

Log on to LincolnFinancial.com or call the Customer Contact Center at 800-234-3500 (Mon-Fri, 8 a.m.–8 p.m. ET).