Amendment No. 2 to Lincoln National Corporation Excess Retirement Plan (Effective December 20, 2011)
This amendment, effective December 20, 2011, modifies the Lincoln National Corporation Excess Retirement Plan. It allows participants to make one change to their benefit distribution date and form, provided the change is made at least 366 days before the default benefit date and delays payment by at least five years. All other terms of the plan remain unchanged. The amendment is authorized by the company's Executive Vice President of Human Resources.
Exhibit 10.18
Amendment No. 2
LINCOLN NATIONAL CORPORATION
EXCESS RETIREMENT PLAN
Effective December 20, 2011
Pursuant to Section 6.1 of the Lincoln National Corporation Retirement Excess Plan (the “Plan”), the most senior human resources officer of Lincoln National Corporation may amend the Plan as set forth below:
1.Amend and restate Section 4.5(b) of the Plan in its entirety as follows:
“(b)Secondary Elections. A Participant may make only one Secondary Election to change his/her Benefit Distribution Date and form of distribution. A Secondary Election is not valid unless it meets the following conditions: (i) it must be made at least 366 days prior to the Participant’s default Benefit Determination Date (elections may not take effect for twelve (12) months after the date on which the election is made) and (ii) the election to change the Benefit Distribution Date and/or form of distribution shall defer or delay payment of the Participant’s benefit for at least five (5) years from the default Benefit Determination Date.”
2. In all other respects, said Plan shall remain in full force and effect.
LINCOLN NATIONAL CORPORATION
By: /s/ Lisa M. Buckingham
By: Lisa M. Buckingham
Its: Executive Vice President, Human Resources
