American Legacy III® B-Class Individual Variable Annuity Contracts  
Updating Summary Prospectus for Current Contractowners

May 1, 2024
This updating summary prospectus summarizes certain changes to key features of the American Legacy III® B-Class variable annuity contract issued by Lincoln Life & Annuity Company of New York (Lincoln New York or Company).
You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the American Legacy III® B-Class contract.
The prospectus for the American Legacy III® B-Class variable annuity contract contains more information about the Contract’s features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-800-942-5500 or by sending an email request to CustServSupportTeam@lfg.com.
The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
All prospectuses and other shareholder reports, will be made available on www.lfg.com/VAprospectus.
1
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain contract features that have changed since the Updating Summary Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.
Summary of Recent Contract Changes:
•
The following changes apply to all elections of i4LIFE® Advantage on and after November 20, 2023:
•
The minimum Access Period selected must be no less than 10 years;
•
The available Assumed Investment Return (AIR) rates are limited to 3% and 4%; and
•
The annuity factor used to calculate the Regular Income Payment no longer includes gender as a component.
•
Effective June 26, 2023, the Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) rider is no longer available.
2
Important Information You Should Consider About the American Legacy III® B-Class Variable Annuity Contract 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for Early
Withdrawals
If you make a withdrawal in excess of the free withdrawal amount before the 7th
anniversary since your last Purchase Payment, you may be assessed a surrender charge
of up to 7% of the amount withdrawn, declining to 0% over that time period. For
example, if you make a withdrawal of $100,000 during the first year after your Purchase
Payment, you could be assessed a charge of up to $7,000 on the Purchase Payment
withdrawn.
•Fee Tables
•Examples
•Charges and
Other
Deductions –
Surrender
Charge
Transaction
Charges
There is currently no charge for a transfer. We reserve the right to charge a $50 fee for
each transfer if you make more than 12 transfers in one Contract Year.
•Charges and
Other
Deductions
Ongoing Fees and
Expenses (annual
charges)
Minimum and Maximum Annual Fee Table. The table below describes the current fees
and expenses that you may pay each year, depending on the options you choose. Please
refer to your contract specifications page for information about the specific fees you will
pay each year based on the options you have elected.
•Fee Tables
•Examples
•Charges and
Other
Deductions
 
Annual Fee
Minimum
Maximum
 
Base Contract – Account Value Death
Benefit
1.27%1
1.27%1
 
 
Base Contract – Guarantee of Principal
Death Benefit
1.32%1
1.32%1
 
 
Base Contract – Enhanced Guaranteed
Minimum Death Benefit
1.57%1
1.57%1
 
 
Investment options (fund fees and
expenses)
0.53%1
1.09%1
 
 
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.40% 1
2.45% 2
 
 
1 As a percentage of average Account Value in the Subaccounts.
 
 
2 As an annualized percentage of the Protected Income Base.
 
 
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year. This estimate assumes that you do not take withdrawals from the
Contract, which could add surrender charges that substantially increase costs.
 
Lowest Annual Cost: $2,095
Highest Annual Cost: $5,030
Assumes:
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive fund fees and
expenses
•No optional benefits
•No surrender charges
•No additional Purchase Payments,
transfers, or withdrawals
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits and fund fees and
expenses
•No surrender charges
•No additional Purchase Payments,
transfers, or withdrawals
3
 
RISKS
Location in
Prospectus
Risk of Loss
•You can lose money by investing in this Contract, including loss of principal.
•Principal Risks
•Investments of
the Variable
Annuity
Account
Not a Short-Term
Investment
•This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
•Excess Withdrawals may result in surrender charges. If you take a withdrawal, any
surrender charge will reduce the value of your Contract or the amount of money that
you actually receive.
•The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
•Withdrawals are subject to ordinary income tax and may be subject to tax penalties.
•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
•Charges and
Other
Deductions
•Living Benefit
Riders
Risks Associated
with Investment
Options
•An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
•Each investment option (including the fixed account option) has its own unique risks.
•You should review the investment options before making an investment decision.
•Principal Risks
•Investments of
the Variable
Annuity
Account
Insurance
Company Risks
•An investment in the Contract is subject to the risks related to Lincoln New York. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
New York, including our financial strength ratings, is available upon request by
calling 1-800-942-5500 or visiting www.LincolnFinancial.com.
•Principal Risks
 
RESTRICTIONS
Location in
Prospectus
Investments
•The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option.
•We reserve the right to charge a $50 fee for each transfer if you make more than 12
transfers in one Contract Year.
•We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
•Your ability to transfer between investment options may also be restricted as a result
of Investment Requirements if you have elected an optional benefit.
•Principal Risks
•Investments of
the Variable
Annuity
Account
Optional Benefits
•Optional benefits may limit or restrict the investment options that you may select
under the Contract. We may change these restrictions in the future.
•Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
•You are required to have a certain level of Contract Value for some new rider
elections.
•We may modify or stop offering an optional benefit that is currently available at any
time.
•If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
•The Contracts
•Living Benefit
Riders
•Appendix B –
Investment
Requirements
•Appendix C –
Discontinued
Living Benefit
Riders
4
 
TAXES
Location in
Prospectus
Tax Implications
•Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
•Earnings on your Contract are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a penalty if you take a withdrawal before age 59½.
•Federal Tax
Matters
 
CONFLICTS OF INTEREST
Location in
Prospectus
Investment
Professional
Compensation
•Your registered representative may receive compensation for selling this Contract to
you, both in the form of commissions and because we may share the revenue it
earns on this Contract with the professional’s firm. (Your investment professional
may be your broker, investment adviser, insurance agent, or someone else).
•This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
•Distribution of
the Contracts
•Principal Risks
Exchanges
•Some investment professionals may have a financial incentive to offer you a new
Contract in place of the one you own. You should only exchange your contract if you
determine, after comparing the features, fees, and risks of both contracts, that it is
better for you to purchase the new Contract rather than continue to own your existing
contract.
•The Contracts -
Replacement
of Existing
Insurance
5
Appendix A — Funds Available Under The Contract
The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-942-5500 or by sending an email request to CustServSupportTeam@lfg.com.
The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term.
American Funds Asset Allocation Fund -
Class 2
0.55%
14.27%
9.20%
7.25%
Seeks to provide a level of current
income that exceeds the average yield
on U.S. stocks generally and to provide
a growing stream of income over the
years.
American Funds Capital Income
Builder® - Class 4
0.78%2
8.75%
7.18%
N/A
To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
American Funds Capital World Bond
Fund - Class 2
0.73%
6.14%
-0.33%
0.36%
Long-term growth of capital while
providing current income.
American Funds Capital World Growth
and Income Fund - Class 2
0.66%2
20.88%
10.34%
7.62%
The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
American Funds Global Balanced Fund -
Class 2
0.77%2
13.83%
7.44%
5.40%
Long-term growth of capital.
American Funds Global Growth Fund -
Class 2
0.66%2
22.60%
13.65%
9.58%
Long-term growth of capital. A fund of
funds.
American Funds Global Growth
PortfolioSM - Class 4
0.97%
23.03%
11.36%
N/A
Long-term capital growth.
American Funds Global Small
Capitalization Fund - Class 2
0.91%2
16.17%
8.31%
5.78%
To provide long-term growth of capital
while providing current income. A fund
of funds.
American Funds Growth and Income
PortfolioSM - Class 4
0.82%
15.86%
8.53%
N/A
Growth of capital.
American Funds Growth Fund - Class 2
0.59%
38.49%
18.68%
14.36%
Long-term growth of capital and income.
American Funds Growth-Income Fund -
Class 2
0.53%
26.14%
13.36%
10.91%
To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
American Funds High-Income Trust -
Class 2
0.57%2
12.45%
6.09%
4.41%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
American Funds International Fund -
Class 2
0.78%
15.84%
4.83%
3.41%
Long-term growth of capital while
providing current income.
American Funds International Growth
and Income Fund - Class 2
0.81%
15.76%
6.11%
3.31%
To provide high total return (including
income and capital gains) consistent
with preservation of capital over the long
term while seeking to manage volatility
and provide downside protection. A fund
of funds.
American Funds Managed Risk Asset
Allocation Fund - Class P2
0.90%2
10.23%
5.91%
4.74%
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term while seeking to manage volatility
and provide downside protection. A fund
of funds.
American Funds Managed Risk Global
Allocation PortfolioSM - Class P2
1.04%2
10.52%
4.56%
N/A
Long-term growth of capital and current
income while seeking to manage
volatility and provide downside
protection. A fund of funds.
American Funds Managed Risk Growth
and Income PortfolioSM - Class P2
0.91%2
11.71%
5.66%
N/A
Long-term growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
American Funds Managed Risk Growth
PortfolioSM - Class P2
0.94%2
15.57%
6.73%
N/A
To provide current income and
preservation of capital.
American Funds Mortgage Fund - Class
2
0.57%2
3.68%
0.80%
1.48%
Long-term capital appreciation.
American Funds New World Fund® -
Class 2
0.82%2
15.99%
8.64%
4.69%
To provide as high a level of current
income as is consistent with the
preservation of capital.
American Funds The Bond Fund of
America - Class 2
0.48%2
5.02%
1.89%
2.08%
To provide a high level of current income
consistent with prudent investment risk
and preservation of capital.
American Funds U.S. Government
Securities Fund - Class 2
0.51%2
2.89%
1.04%
1.52%
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
American Funds Ultra-Short Bond Fund -
Class 2
0.56%
4.64%
1.37%
0.74%
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
American Funds Washington Mutual
Investors Fund - Class 2
0.52%2
17.29%
12.60%
9.91%
A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
LVIP American Balanced Allocation Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.93%2
13.27%
7.63%
5.72%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
A balance between a high level of
current income and growth of capital. A
fund of funds.
LVIP American Global Balanced
Allocation Managed Risk Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.95%
11.41%
5.39%
4.14%
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
LVIP American Global Growth Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.97%
13.57%
5.82%
4.14%
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
LVIP American Growth Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.94%2
14.55%
8.17%
6.12%
A high level of current income with
some consideration given to growth of
capital. A fund of funds.
LVIP American Income Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.93%2
10.40%
5.73%
4.51%
Current income, consistent with the
preservation of capital. A fund of funds.
LVIP American Preservation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.86%2
3.74%
0.98%
1.00%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
A-3
Appendix B — Investment Requirements
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you will be subject to Investment Requirements. This means you will be limited in your choice of Subaccount investments and in how much you can invest in certain Subaccounts. This also means you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected a Living Benefit Rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.
If you elect Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk), you must allocate your Contract Value among one or more of the following Subaccounts only: American Funds Managed Risk Asset Allocation Fund, American Funds Managed Risk Global Allocation PortfolioSM, American Funds Managed Risk Growth and Income PortfolioSM, American Funds Managed Risk Growth PortfolioSM, LVIP American Preservation Fund, LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund.
If you elect any other Living Benefit Rider, you must allocate your Contract Value in accordance with the Investment Requirements for other Living Benefit Riders section below. Currently, if you purchase i4LIFE® Advantage without Guaranteed Income Benefit, you will not be subject to any Investment Requirements, although we reserve the right to impose Investment Requirements for this rider in the future. If we do exercise our right to do so, you will have to reallocate your Account Value subject to such requirements.
If you elect a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at contract issue, or add it to an existing Contract. You must hold the rider for a minimum period of time after election (the minimum time is specified under the Termination section of each rider). During this time, you will be required to adhere to the Investment Requirements. After this time, failure to adhere to the Investment Requirements will result in termination of the rider.
Certain Living Benefit Riders guarantee you the right to transition to a version of the i4LIFE® Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® Guaranteed Income Benefit, the Investment Requirements under your Prior Living Benefit Rider continue to apply. See i4LIFE® Advantage – i4LIFE® Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.
Certain of the underlying funds that are included in the Investment Requirements, including funds managed by an adviser affiliated with us, employ risk management strategies that are intended to control the funds’ overall volatility, and for some funds, to also reduce the downside exposure of the funds during significant market downturns.
These funds are included under Investment Requirements (particularly in the Investment Requirements for the Managed Risk riders) in part because the reduction in volatility helps us to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds’ current prospectuses. Fund prospectuses are available by contacting us.
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. (This portfolio rebalancing will continue while a death claim is being settled, if the Living Benefit Rider could continue on an additional measuring life.) On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value in accordance with your allocation instructions in effect at the time of the rebalancing. Any reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement.
Some investment options are not available to you if you purchase certain riders. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your registered representative to determine if the Investment Requirements are consistent with your investment objectives.
B-1
At this time, the Subaccount groups for Living Benefit Riders other than Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) are as follows: 
Group 1
Investments must be at least 30% of Contract
Value or Account Value.
Group 2
Investments cannot exceed 70% of Contract
Value or Account Value.
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value.
American Funds Capital World Bond Fund
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities
Fund
LVIP American Preservation Fund
All other Subaccounts except as described below.
No Subaccounts at this time.
The fixed account is only available for dollar cost averaging.
As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2 restrictions.
•
American Funds Asset Allocation Fund
•
American Funds Capital World Bond Fund
•
American Funds Global Balanced Fund
•
American Funds Managed Risk Asset Allocation Fund
•
American Funds Managed Risk Global Allocation PortfolioSM
•
American Funds Managed Risk Growth and Income PortfolioSM
•
American Funds Managed Risk Growth PortfolioSM
•
American Funds Mortgage Fund
•
American Funds The Bond Fund of America
•
American Funds U.S. Government Securities Fund
•
LVIP American Balanced Allocation Fund
•
LVIP American Global Balanced Allocation Managed Risk Fund
•
LVIP American Global Growth Allocation Managed Risk Fund
•
LVIP American Growth Allocation Fund
•
LVIP American Income Allocation Fund
•
LVIP American Preservation Fund
To satisfy these Investment Requirements, Contract Value may be allocated in accordance with certain asset allocation models depending on when you purchased your Contract, made available to you by your broker-dealer. If so, currently 100% of the Contract Value can be allocated to one of the following models: American Legacy Fundamental Equity Growth Model, American Legacy Fundamental Balanced Model, or American Legacy Fundamental Income Model. You may only choose one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Contract Value among Group 1 or Group 2 Subaccounts as described above. These models are not available for contracts issued on or after November 15, 2010. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider.
B-2
 
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This updating summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Contract, both dated May 1, 2024, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
 
SEC File Nos. 333-141756; 811-08441
EDGAR Contract Identifier C000078958