Lincoln Alliance Program Fee disclosures Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations.
In order to assist you in meeting your fiduciary responsibilities under the Employee Retirement Income Security Act of 1974 ( ERISA ), Lincoln Financial Group (LFG) 1 is providing disclosure to you, to the best of its knowledge, of all fees and other compensation to be received by LFG as your plan service provider. U.S. Department of Labor (DOL) regulations also permit simplified reporting on your plan s Form 5500 of certain types of compensation received by LFG with respect to your plan if certain disclosures regarding this compensation are made to you. The following is intended to meet LFG s goal of full and transparent fee disclosure and to permit simplified Form 5500 reporting in accordance with DOL rules. 2 LFG provides bundled services and is therefore disclosing fees as a bundled provider. As a bundled provider, LFG brings together several different services provided by both LFG entities and certain unaffiliated entities, and presents them to you as a single integrated package of services. Accordingly, this disclosure provides information regarding compensation received by LFG and identified unaffiliated entities in connection with this package of services. For example, many of our clients use Ibbotson Associates, Inc. (Ibbotson) and the Lincoln Ibbotson Insight Series. As you would expect, LFG pays to Ibbotson a fee for the fiduciary services they provide to you. Even though LFG is making these disclosures as a bundled provider, some of the service providers included in our package of services (including Ibbotson) may make disclosures on their own. Clients need to understand that they are not paying for these services twice. Rather, the duplicate disclosures are simply a result of each organization disclosing the fees that it receives. This disclosure is limited to compensation that is received by LFG and the other persons and entities identified herein in connection with the package of services identified herein. If any service provider, including a service provider identified in this disclosure, is providing services or receiving compensation with respect to your plan that is/are not identified in this disclosure, LFG is not responsible for the disclosure of such services or compensation, and you will need to seek such disclosure from such other service provider. In addition, some of the information presented herein regarding compensation to unaffiliated entities may have been provided to LFG by such unaffiliated entities. To the extent that this occurs, LFG is not responsible for any inaccurate information provided to LFG by such unaffiliated entities. Providers of Fiduciary Services Unaffiliated Entities. Wilmington Trust Company, Ibbotson, Yentis & Associates, Inc. (Yentis), Morningstar Associates, LLC (Morningstar) and several investment advisors, all of which are unaffiliated with LFG but provide services that are included in LFG s service package, will provide services as a fiduciary under ERISA and/or the Investment Advisers Act of 1940 ( Advisers Act ) and receive compensation for their services as described below. Wilmington Trust Company may provide ERISA fiduciary services as a discretionary trustee of plan assets invested in any of the collective trust funds if such funds are available as investment options in your plan. The collective trust funds are each managed by an investment advisor appointed by Wilmington Trust Company, who acts as an ERISA and Advisers Act fiduciary with respect to the funds that it manages. Ibbotson provides ERISA and Advisers Act fiduciary services in selecting and maintaining a recommended list of investment options for plans using the Lincoln Alliance program. For plans that have selected the LifeSpan models as a qualified default investment alternative (QDIA), Yentis provides Advisers Act and ERISA fiduciary services as manager of the accounts of those participants whose accounts are invested by default in the LifeSpan models. Morningstar provides advisory services to those plans and participants who elect to offer and use it, respectively. Finally, the investment advisors to unaffiliated registered mutual funds that are available in the Lincoln Alliance program owe a fiduciary duty to those funds in providing Advisers Act services to those funds. LFG Entities. Delaware Investments, an LFG affiliate, will provide services as a fiduciary under both ERISA and the Advisers Act in its role as manager of those collective trust funds available in the Lincoln Alliance program for which it has been appointed an investment advisor by Wilmington Trust Company. In addition, Delaware Investments owes a fiduciary duty to the Delaware managed registered mutual funds available in the Lincoln Alliance program in providing Advisers Act services to those funds. LFG affiliated companies will not provide services as an ERISA or Advisers Act fiduciary for any other purpose. 1 Lincoln Financial Group (LFG) is the marketing name for Lincoln National Corporation and its affiliates. Affiliates of Lincoln National Corporation include, but are not limited to, The Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, Lincoln Investment Advisors Corporation, Lincoln Variable Insurance Products Trust, Delaware Management Holdings, Inc., Delaware Management Trust Company, Lincoln Financial Advisors Corporation, Lincoln Financial Securities Corporation, Lincoln Retirement Services Company, LLC, and Lincoln Financial Distributors, Inc. Reference to LFG also includes LFG employees, registered representatives and agents. 2 Form 5500 reporting requirements only apply to plans that are subject to ERISA. 1
The fees listed in the chart below will pay for one or more of the following services: 3 Plan design services Plan document services Plan setup, administration and annual reporting services Multiple manager fund options Communication materials to plan participants Assistance with ERISA section 404(c) compliance Access to participant-based advisory services offered through Morningstar Convenient access online, web, voice response unit (VRU) or by phone representative LifeSpan investment models Information gathering and reporting services on the investment options Transaction processing Calculation of the interest credited to the stable value fund and other allocation services Trust services as provided by Wilmington Trust Company Assistance with trading and settlement services offered by Wilmington Trust Company Investment management services by Delaware Investments in the stable value fund Investment management services and other services described in mutual fund s prospectus or collective investment trust participation agreement where a mutual fund or collective trust is the underlying investment Comprehensive recordkeeping Quarterly reports of plan assets and plan activity Web based reporting capabilities Relationship management services Consultant services for clients using a registered investment advisor (RIA) Enrollment support and face-to-face counseling services Sales support and sales assistance to explain the benefits of retirement plans and the Lincoln Alliance program Other administrative services required to administer and to maintain your retirement plan The DOL regulations require that certain fees be disclosed separately. Any fee that is paid to an LFG affiliate or unaffiliated partner in the LFG service bundle that has a separate charge against the plan assets and any transactional fee such as a finder fee or commission must be separately disclosed. Thus, you may receive separate disclosures from some of our partners and the following chart attempts to separately list fees and services where required. The following chart lists all the fees that could be charged with respect to a plan and either describes the amount of the fee or provides a cross-reference to the document where the amount of the fee that will be charged to your plan can be found. Unless otherwise stated, referenced documents include any amendments or updates to those documents. 3 Please note that your particular plan may not be receiving all of these services. 2
Fee Disclosures: (clients using the Lincoln Alliance program and full recordkeeping services) Fee/Compensation Who pays for this fee and how Who receives Where is this fee disclosed? is this fee collected/received? this fee? Asset charge This fee is typically debited from plan assets on This fee is received by LFG. The asset charge is disclosed in the Lincoln a quarterly basis. This fee can include (to the Alliance Program Employer Purchase and extent applicable) LFG charges for the bundle of Recordkeeping Service Agreement (service administrative, recordkeeping, plan document agreement) as well as the Lincoln Alliance amendment, compliance and other services it program proposal. offers, and it includes the commissions collected and paid to the representative that sold the Lincoln Alliance program to the plan. It can also include consultant fees if the plan retains a consultant, such as a registered investment advisor. Some plans may pay a per participant account charge instead of or in combination with an asset charge to pay for these services. If LFG receives sufficient revenue from other sources to pay for these services (e.g., subtransfer agency fees, as discussed below), the asset/per participant account charge can be reduced to zero in some cases. It can also be billed to the plan sponsor on an annual basis. Managed by Morningstar discretionary account services fee, a part of Morningstar Retirement Manager SM This fee (.45%) is applied to the plan accounts of participants that use the Morningstar advisory services. This fee is debited from participant accounts on a quarterly basis..30% of this fee is received by Morningstar for the advisory service..15% of this fee is retained by LFG to pay for the connectivity and administrative support to maintain the managed account service. The fee is disclosed in LFG marketing materials, in the plan sponsor investment advisory services agreement between the plan sponsor and Morningstar, and it is disclosed to participants in the Managed by Morningstar Agreement between Morningstar and the participant. Loan initiation fee These fees are debited from the plan accounts This fee is received by LFG. These fees are listed in the Lincoln and ongoing loan of participants that take a plan loan. Alliance program proposal and the administration service agreement. fees (for plans that These fees are also disclosed on the use LFG s loan Loan Policy Statement prepared by LFG administration for your plan and on the loan initiation services) paperwork signed by the participant. These fees are $75 for a loan initiation and $25 for annual maintenance fee. Distribution / These fees are debited from the plan accounts This fee is received by These fees are listed in the Lincoln withdrawal fee of participants that take a distribution or Wilmington Trust Company. Alliance program proposal and the withdrawal. service agreement. The fee is generally between $10 and $50 per transaction. Trustee/custodian fee This fee will be debited from plan assets as This fee is received by This fee is not segregated and for trustee/custodial part of the asset charge mentioned above. WTC and equals.05% separately disclosed on the service services offered by This fee is not in addition to any other fee plus $10 for each loan agreement but is included in the asset Wilmington Trust disclosed above and should not be counted that is processed. charge listed in the service agreement. Company (WTC) twice. 3
Fee/Compensation Who pays for this fee and how Who receives this fee? is this fee collected/received? Where is this fee disclosed? Fee to Wilmington Trust Company (WTC) for maintaining the collective trust funds This fee will be debited from plan assets on a quarterly basis. This fee is received by WTC. This fee is disclosed in an appendix to the participation agreement that is entered into by the plan sponsor and WTC if collective trust funds are included in the plan fund lineup. WTC can change these fees without the consent of the plan sponsor by written notice to the plan sponsor. The participation agreement shows the total fee charged by WTC with respect to each fund. For all funds except those managed by Avatar Associates, WTC retains.06% of this fee and pays the remainder to the investment advisor appointed to manage the assets of the fund. For funds managed by Avatar Associates, WTC retains.10% and pays the remainder to Avatar. Some of the collective trust funds may invest in several other mutual funds ( fund of funds ) or several exchange-traded funds (ETFs). There are fees relating to the management of the underlying mutual funds or ETFs that are in addition to the fees shown in the participation agreement. The amount of these additional fees varies depending on the investment portfolio of the collective trust fund at any given time. The approximate amounts of these additional fees are factored into the gross expense ratio shown in the service agreement. Fee for self-directed brokerage account (SDBA) service Participant-level annual fees and transaction-based fees are deducted from the accounts of participants who elect this service. Any plan-level set-up fees are included in the asset charge mentioned above. These fees are received by the SDBA provider. For most plans using the Lincoln Alliance program, the SDBA provider is TD Ameritrade, Inc. In addition, some plans use Wilmington Trust Company. The SDBA provider is identified in the trust or custodial agreement between the plan and Wilmington Trust Company. Participant-level fees are disclosed in the SDBA provider application that is completed by the participant to set up the participant s self-directed brokerage account. Any plan-level set-up fees are not separately disclosed but are included in the asset charge mentioned above. Fee to investment advisors for management of collective trust funds This fee is debited from plan assets on a quarterly basis. This fee is included in the fee charged by WTC described immediately above and should not be counted twice. This fee is received by the investment advisor who is appointed to manage the collective trust fund. Where Delaware Investments is the appointed advisor, LFG receives this fee. The amount of the fee is (1) the amount of the fee shown in an appendix to the participation agreement that is entered into by the plan sponsor and WTC, as described above, minus (2).06% or.10%, as applicable. Sub-transfer agency (Sub-TA) fees This fee is received from the mutual funds that are the underlying investments. This fee is included in the calculation of (i.e., reduces) the mutual fund share price. This fee does not apply to most of the funds included in the Lincoln Alliance program investment choices. The Lincoln Alliance program investments are generally the least expensive share class available (i.e., R5 share class or Institutional share class or equivalent). However, some fund companies provide modest levels of revenue sharing even on their low cost Institutional share class. This fee is received by LFG and is used to offset or reduce the administrative and recordkeeping fees that LFG charges. This is accomplished by lowering your asset charge by the expected amount of the sub-transfer agency fees assumed to be received by LFG over the life of the contract. This fee/charge is disclosed in the service agreement as well as the Lincoln Alliance program proposal. This fee can be changed by the mutual fund without your consent; however, you will be notified annually of any such changes. 4
Fee/Compensation Who pays for this fee and how is this fee collected/received? Who receives this fee? Where is this fee disclosed? 12b-1 fees received from the mutual funds that are the investments This fee is paid from the mutual funds that are the underlying investments. This fee is included in the calculation of (i.e., reduces) the mutual fund net asset value (or share price). This fee does not apply to all funds as some of the mutual funds do not pay 12b-1 fees. This fee is received by LFG. This fee/charge is disclosed in the service agreement as well as the Lincoln Alliance program proposal. This fee can be changed by the mutual fund without your consent; however you will be notified annually of any such changes. In addition, the total amount of 12b-1 fees paid by a mutual fund underlying a separate account is disclosed in the fees and expenses section of the mutual fund s prospectus. Mutual fund operating expenses This fee is included in the calculation of (i.e., reduces) the mutual fund net asset value (or share price). This fee includes some or all of the following services: Investment management services these include investment adviser services to manage the investments in the fund and to select and evaluate the securities that comprise the fund. Shareholder services These services include mailing of the fund s annual statement and prospectus. It includes production of statements to the shareholder / trustee / custodian of the fund. It can also include preparation and mailing of proxy cards to the fund s shareholders. Legal and compliance services Mutual funds have a fairly complicated regulatory structure designed to protect shareholders of the fund. Mutual funds provide legal and compliance services to ensure they comply with SEC requirements and the requirements of other regulatory agencies. Transfer agency services these services include toll free phone lines for questions and inquiries, web based account services and information, recordkeeping services and can include mailing services mentioned above in the Shareholder Services section. These services also include information and asset exchanges with other mutual funds through national exchanges platforms that allow for trade execution, settlement and reconciliation services. Administrative services These services could include the calculation of the net asset value or share price of the fund and other required administrative services necessary to operate a mutual fund. Brokerage services These services enable the mutual fund to buy and sell securities. Board of Director and Oversight services These services include independent oversight of the fund. The board and associated services are in place to protect the interest of the shareholders of the fund. They review the activity of the fund manager, the fees charged and must approve changes to the fund s objective and fees charged by the fund. The 12b-1 fees and sub-transfer agency fees received by LFG and noted above are included in this fee and are not in addition to this fee. This fee is received by the underlying mutual fund company. Subtransfer agency fees are included in the operating expense and are shared by the mutual fund company with LFG as well as other service providers. The amount shared with LFG is not in addition to this fee. This fee is disclosed in the service agreement. It is also disclosed in enrollment kits, fund fact sheets, andother marketing pieces. Mutual fund operating expenses are also disclosed in the fees and expenses section of the mutual fund s prospectus. Mutual fund prospectuses can be found on the websites of the various mutual fund companies. They are also provided to plan participants via CD-ROM at enrollment. The services received for these fees are further explained in the fund s prospectus as well. 5
Fee/Compensation Who pays for this fee and how is this fee collected/received? Who receives this fee? Where is this fee disclosed? Distribution Expense The distribution expense is paid for out of LFG s general assets. LFG pays this fee to its sales/ wholesaling force. Thus, the plan sponsor should understand that this fee is not in addition to the other disclosed LFG fees and should not be counted twice. The distribution expense is used by LFG to pay wholesalers/sales representatives (LFG employees) who provide sales support and sales assistance. The distribution expense is not disclosed in a separate document and is described as follows: LFG generally pays a distribution expense of approximately.60% on year one deposits in the Lincoln Alliance program and.02% on all Lincoln Alliance program assets in year 1 and subsequent years for its sales and wholesaling services. LFG pays its wholesalers for sales support and sales assistance. A portion of a wholesaler s compensation for these services is based on meeting sales goals for a year, including sales of the Lincoln Alliance program. If a typical wholesaler meets his or her sales goal, he or she would receive approximately $30,000 to $60,000 in additional compensation above his or her base compensation. LFG wholesalers that meet certain sales goals can earn additional compensation in the form of trips, bonuses or other prizes. Gross Dealer Concession (GDC) The GDC is the amount paid by LFG on behalf of the representative that sold the Lincoln Alliance program to the plan. As mentioned above, this payment is included in the asset charge. The GDC fee is paid for out of LFG s general assets. Thus, the plan sponsor should understand that this fee is not in addition to the other LFG fees already disclosed and should not be counted twice. The GDC is received by the representative s broker-dealer. The broker-dealer could be one of LFG s affiliated broker-dealers, Lincoln Financial Advisors Corporation (LFA) or Lincoln Financial Securities Corporation (LFS), or could be a broker-dealer that is not affiliated with LFG. In the case of LFG s affiliated broker-dealers, part of the GDC is used to pay the representative s compensation (and in some cases, to pay compensation to certain other individuals involved in the sale) and part of the GDC is retained by the representative s broker-dealer. The compensation paid to the representative can vary depending on the representative s grid rate that is applied by the broker-dealer. In the case of an unaffiliated brokerdealer, the GDC is divided up in accordance with that broker-dealer s policy. You will need to obtain this information from that broker-dealer. The GDC/payment to the sales representative is disclosed in the service agreement. In general, the amount shown there is the amount paid to your sales representative s broker-dealer. In some cases, there may be more than one sales representative involved in the sale of a Lincoln Alliance program. If this is the case with your plan, the service agreement and/or the initial letter of intent signed by you (indicating your intention to use the Lincoln Alliance program for your plan) will specify how much of the GDC will be credited to each sales representative. This will be denoted as a percentage split. If your representative is registered with an LFG affiliated broker-dealer, you will receive a separate disclosure with details regarding the amount of the GDC that is paid to the representative and the amount that is retained by the broker-dealer. 6
Fee/Compensation Who pays for this fee and how is this fee collected/received? Who receives this fee? Where is this fee disclosed? Consultant Where the plan uses a registered This fee is received by consultants This fee is disclosed on the Lincoln Services fee investment advisor who provides additional consulting services, and these services have been included in the Lincoln Alliance program service package provided to your plan, this fee will be debited from plan assets as part of the asset charge mentioned above. This fee is not in addition to any other fee disclosed above and should not be counted twice. who provide services to the plan. Alliance program proposal, and in the service agreement. Ibbotson fee for This fee is paid by LFG. Thus the This fee is received by Ibbotson This fee is not publicly disclosed but is fiduciary services plan sponsor should understand that this fee is not in addition to other fees disclosed above and should not be counted twice. Associates, Inc. detailed in a contract between Ibbotson and LFG. The amount of the fee is a flat dollar license fee plus a percentage of the assets of plans that use Ibbotson s fiduciary services. LifeSpan investment This fee is paid by LFG. Thus the This fee is received by Yentis This fee is not publicly disclosed but is models plan sponsor should understand that this fee is not in addition to other fees disclosed above and should not be counted twice. & Associates, Inc. detailed in a contract between Yentis and LFG. The amount of the fee is a flat dollar fee. When LifeSpan models are used as a plan s qualified default investment alternative (QDIA), an additional fee is paid by LFG to Yentis for its fiduciary services in an amount equal to the greater of $200 or.07% of assets invested by default into the models. Float income (interest) that Wilmington Trust Company may earn on contributions and distributions in transit that temporarily reside in a Wilmington Trust Company account The income may be earned on plan assets that reside temporarily in an interest bearing account while assets are in transit. This income, if any, is received by Wilmington Trust Company. The terms under which any float income is received by Wilmington Trust Company are disclosed to you in the trust agreement entered into between the plan sponsor and Wilmington Trust Company. Withdrawal/surrender charge If applicable, this fee is debited from plan assets. This fee (if applicable) is received by LFG. This fee is disclosed in the service agreement. 7
Fee/Compensation Who pays for this fee and how Who receives is this fee collected/received? this fee? Where is this fee disclosed? Earnings on Lincoln s Stable Value or Fixed Annuity Option This income is earned on plan assets that are invested in the stable value or fixed annuity option. This income is received by LFG. LFG pays investors in this account a credited interest rate. The interest rate credited is earmarked to an external indexed benchmark. The external index is based on the Barclays Capital Intermediate Government/Corporate Index. It has a minimum guarantee of 1.75% (3% in New York). This interest rate is disclosed in your annuity contract. LFG attempts to invest the assets in this account in financial instruments that pay LFG more than the interest that it pays to investors. This spread between what the financial instruments earn and what LFG pays to investors, minus the cost of capital required for the interest guarantees, the cost to manage the fund, recordkeeping expenses and other overhead, is income to LFG. Some of this income is used to pay for the bundle of services provided to your plan. Therefore, the larger the spread is (the lower the credited interest rate), the less income LFG needs from other sources, such as the asset charge mentioned above, to pay for plan services. The credited interest rate and resulting spread is negotiated at the time of the sale of the Lincoln Alliance program to the plan. If the credited interest rate is set at a higher rate, the asset charge will generally be higher. Conversely, if the credited interest rate is set at a lower rate, the asset charge will generally be lower. Market Value Adjustment (MVA) The MVA is deducted from the value of the stable value or fixed annuity option for certain account value withdrawals or surrender of the contract. The MVA is received by LFG. The MVA formula is disclosed in the group annuity contract issued to the plan sponsor and disclosed as a specific dollar amount as of a specific date, as part of the plan sponsor s contract surrender. 8
Conflicts of interest disclosures: LFG has identified the following (1) relationships that could create a possible conflict of interest by affecting the compensation that we or an affiliate can receive based on possible plan transactions, (2) conflicts where LFG may have an interest or any material financial, referral or other relationship with another provider, vendor, investment manager or other entity and (3) any relationship where LFG may be able to affect its own revenue or the revenue to an affiliate without the prior approval or direct knowledge of the plan fiduciary. The following have been identified as providing potential conflicts of interest: 1 Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its affiliates. Delaware Management Holdings, Inc., is a wholly owned subsidiary of Lincoln National Corporation and a member of Lincoln Financial Group. Some of the registered mutual funds and collective trust funds are managed by Delaware Investments. With respect to these investment options, Delaware Investments (and therefore LFG) earns investment management/advisory fees that it does not earn with respect to non-delaware investment options. Therefore, LFG s revenue is increased by increased investment in these investment options. Delaware Investment s investment management and investment advisory fees are disclosed in the service agreement. 2 LFG offers its stable value fund as one of the investment options in the Lincoln Alliance program. The stable value fund is part of LFG s general account and LFG earns income to the extent that the general account s investment return exceeds what LFG pays to stable value fund investors and other general account expenses. To the extent that this spread is positive, LFG s revenue is increased by increased investment in the stable value fund 3 Your sales representative receives compensation from LFG based on the sale of the Lincoln Alliance program, which may affect his or her incentives to sell this program to you. If your sales representative is a registered representative of an LFG affiliated broker-dealer, he or she is subject to the supervision of that broker-dealer. With the exception of this limited supervisory role, LFG is not in a position to exercise any control over your representative s decisions regarding the financial products that he or she may recommend to clients. 4 LFG receives a fee equal to.15% for any assets that are part of Managed by Morningstar, a service available under the Morningstar Retirement Manager SM advisory program. These fees are used to offset the administration cost and overhead LFG incurs as part of maintaining this program.
Not a deposit Not FDIC-insured Not insured by any federal government agency Not guaranteed by any bank or savings association May go down in value 2009LincolnNational Corporation www.lincolnfinancial.com LincolnFinancialGroupisthe marketingname for Lincoln National Corporation and itsaffiliates. Affliates areseparately responsible fortheir ownfinancialand contractual obligations. LCN0710-2009407 PAD0910-0605 Order code: EMDIR-FEESDOC Order code: EM60209-AL 6/09 This material was prepared to support the promotion and marketing of investment and insurance products. Lincoln Financial Group affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax penalties. Please consult your own independent advisor as to any tax, accounting, or legal statements made herein. Mutual funds in the Lincoln Alliance program are sold by prospectus. An investor should carefully consider the investment objectives, risk, and charges and expenses of the investment company before investing. The prospectus contains this and other important information and should be read carefully before investing or sending money. Investment values will fluctuate with changes in market conditions, so that upon withdrawal, your investment may be worth more or less than the amount originally invested. For prospectus, please contact your Lincoln professional. The program includes certain services provided by Lincoln Financial Advisors Corp. (LFA), a broker-dealer (member FINRA) and an affiliate of Lincoln Financial Group, 1300 S. Clinton St., Fort Wayne, IN 46802. Unaffiliated broker-dealers also may provide services to customers. The Stable Value Account is designed as a low-risk investment, but the investor could still lose money by investing in it. The primary risks of investing in the Account are: Credit risk, income risk and market risk. The Stable Value Account is a fixed annuity issued by The Lincoln National Life Insurance Company, Fort Wayne, IN 46802 on Form 28866-SV and state variations thereof. The Lincoln NY Fixed Annuity is issued by The Lincoln Life & Annuity Company of New York, Syracuse, NY, 13202 on Form 28866. Guarantees for the Stable Value Account and the Lincoln NY Fixed Annuity are based upon the claims-paying ability of the issuer. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its affiliates. Delaware Management Holdings, Inc. is a wholly owned subsidiary and member of Lincoln Financial Group. The collective trusts are maintained by Wilmington Trust Retirement and Institutional Services Company, a Delaware state chartered trust company. Wilmington Trust Retirement and Institutional Services Company is an independent trust company and is not an affiliate of Lincoln Financial Group. TD AMERITRADE, Inc., member FINRA/SIPC. TD AMERITRADE is a trademark jointly owned by TD AMERITRADE IP Company, Inc. and The Toronto-Dominion Bank. 2009 TD AMERITRADE IP Company, Inc. All rights reserved. Used with permission. TD AMERITRADE is not an affiliate of Lincoln Financial Group. The Lincoln Ibbotson Insight Series is not an investment option. It is a fund lineup chosen by Ibbotson and Associates from the investment options that are available in the Lincoln Alliance program. Ibbotson Associates Inc., 22 W. Washington Street, Chicago, IL 60602 is a registered investment advisor and a wholly-owned subsidiary of Morningstar, Inc. Neither Ibbotson nor Morningstar are affiliated with the Lincoln Financial Group. The Ibbotson name is a registered mark of Morningstar, Inc. Morningstar Retirement Manager SM is offered by and is the property of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. and is intended for citizens or legal residents of the United States or its territories. Morningstar Associates, LLC is solely responsible for Morningstar Retirement Manager SM and any investment advice it provides. Morningstar Associates, LLC has no affiliation with Lincoln Financial Group. Lincoln Financial Group has no responsibility for Morningstar Retirement Manager SM or any investment advice given by Morningstar Associates, LLC to any plan sponsor or to a participant or beneficiary in any plan. The Morningstar name and logo are registered marks of Morningstar, Inc. Yentis & Associates, Inc., an independent registered investment advisor that is not an affiliate of Lincoln Financial Group, may develop the asset allocation models based on your program s fund lineup. Avatar Associates is not an affiliate of Lincoln Financial Group. LifeSpan is an example of an asset allocation model. Asset allocation models use the investment options available in the retirement product or program and are designed to help an individual select the investment options that best align with their retirement goals. They offer the option to select from either time-based or risk-based models. Asset allocation does not ensure a profit nor protect against loss.