(a) Exclusive benefit. The benefits provided for under this part will be the only benefits payable by the PBGC to missing participants or to beneficiaries based on the benefits of deceased missing participants.
(b) Limitation on benefit value. The total actuarial present value of all benefits paid with respect to a missing participant under Secs. 4050.8 through 4050.10, determined as of the deemed distribution date, will not exceed the missing participant's designated benefit.
(c) Guaranteed benefit. If a missing participant or his or her beneficiary establishes to the PBGC's satisfaction that the benefit under Secs. 4050.8 through 4050.10 (based on the designated benefit actually paid to the PBGC) is less than the minimum benefit in this paragraph (c), the PBGC will instead pay the minimum benefit. The minimum benefit is the lesser of:
(1) The benefit as determined under the PBGC's rules for paying guaranteed benefits in trusteed plans under subparts A and B of part 4022 of this chapter (treating the deemed distribution date as the termination date for this purpose); or
(2) The benefit based on the designated benefit that should have been paid under Sec. 4050.5.
(d) Limitation on annuity starting date. A missing participant (or his or her survivor) may not elect an annuity starting date after the later of--
(1) The required beginning date under section 401(a)(9) of the Code; or
(2) The date when the missing participant (or the survivor) is notified of his or her right to a benefit.