American Legacy® Target Date Income B-Share Individual Variable Annuity Contracts  
Updating Summary Prospectus for Current Contractowners

May 1, 2025
This updating summary prospectus summarizes certain changes to key features of the American Legacy® Target Date Income B-Share 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® Target Date Income B-Share contract.
The prospectus for the American Legacy® Target Date Income B-Share 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, 2024. This may not reflect all of the changes that have occurred since you entered into your Contract, and not all changes may be applicable to you.
Summary of Contract Changes:
●
The address of State Street Bank and Trust Company, the accounting services provider of the Variable Annuity Account, changed to 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108.
●
Effective May 6, 2024, Lincoln Financial Group and Osaic, Inc. entered into an agreement whereby Osaic acquired Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation (collectively “LFN”).
●
Beginning May 19, 2025, Purchase Payments totaling $5 million or more are subject to Servicing Office approval ($2 million or more where a Living Benefit or Death Benefit rider was elected excluding the Account Value Death Benefit and/or i4LIFE® Advantage). Both amounts take into consideration the total Purchase Payments for all variable annuity contracts issued by the Company (or its affiliates) (excluding all Lincoln Level Advantage® and Lincoln Level Advantage 2® contracts) for the same Contractowner, joint owner, and/or Annuitant.
2
Important Information You Should Consider About the American Legacy® Target Date Income B-Share Variable Annuity Contract 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for Early
Withdrawals
A surrender charge may apply to a surrender or withdrawal of a Purchase Payment prior
to the 5th anniversary since the Purchase Payment was invested, 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 (7% is only applicable for the first year)
after your Purchase Payment, you could be assessed a charge of up to $7,000 on the
Purchase Payment withdrawn. A surrender charge will not apply if your withdrawal is
made after the 5th anniversary since a Purchase Payment was invested.
●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 $25 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 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 – Contract Value Death
Benefit
0.92%1
0.92%1
Base Contract – Guarantee of Principal
Death Benefit
1.12%1
1.12%1
Investment options (fund fees and
expenses)
0.84%1
0.92%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: $2,052
Highest Annual Cost: $5,156
 
 
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, 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.
●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
Life, 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
●We reserve the right to charge a $25 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.
●Optional benefit availability may vary by selling broker-dealer.
●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
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
●If you already own a contract, 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 12/31/2024)
 
 
 
1 year
5 year
10 year
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2010 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.84%
7.62%
4.42%
N/A
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2015 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.85%
7.88%
4.72%
N/A
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2020 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.85%
8.45%
5.04%
N/A
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2025 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.86%
8.52%
5.48%
N/A
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2030 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.88%2
10.30%
6.40%
N/A
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2035 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.89%2
12.04%
7.70%
N/A
To provide growth, income and
conservation of capital depending on
proximity to target date. A fund of funds.
American Funds® IS 2040 Target Date
Fund - Class 4
advised by Capital Research and
Management Company
0.91%2
14.77%
N/A
N/A
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-1
Appendix B — Investment Requirements
If you elect the Target Date Income Benefit, you will be subject to Investment Requirements that will apply during the time this benefit is in effect. This means you will be limited in your choice of Subaccount investments, and that you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected this 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.
Certain investment options are not available to you if you purchase this rider. 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.
The Investment Requirements for the Target Date Income Benefit are based on your year of birth (earliest year for joint life) at the time you elect the rider. You must allocate 100% of your Contract Value to the appropriate fund in the chart below, which applies for the entire duration of the rider. All other funds are unavailable. 
Year of Birth
Target Date Fund
1978 – 1982
American Funds® IS 2035 Target Date Fund
1973 – 1977
American Funds® IS 2030 Target Date Fund
1968 – 1972
American Funds® IS 2025 Target Date Fund
1963 – 1967
American Funds® IS 2020 Target Date Fund
1958 – 1962
American Funds® IS 2015 Target Date Fund
Prior to 1958
American Funds® IS 2010 Target Date Fund
 
B-1
This updating summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Contract, both dated May 1, 2025, 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. 333-234170; 811-08441
EDGAR Contract Identifier C000216689