; and (ii) in the case of an eligible beneficiary, the sum of— (I) the amount that would be determined under clause (i) with respect to the participant of which the eligible beneficiary is a beneficiary if such participant were still in pay status; plus (II) the excess of— (aa) the total of the full vested plan benefits of the eligible beneficiary for all months for which such guaranteed benefits were paid prior to such recalculation, over (bb) the sum of any applicable payments made to the eligible beneficiary. Notwithstanding the previous sentence, the corporation shall increase each lump-sum payment made under this subparagraph to account for foregone interest in an amount determined by the corporation designed to reflect a 6 percent annual interest rate on each past-due amount attributable to the underpayment of guaranteed benefits for each month prior to such recalculation. (C) Eligible participants and beneficiaries (i) In general For purposes of this section, an eligible participant or beneficiary is a participant or beneficiary who— (I) as of the date of the enactment of this Act, is in pay status under a covered plan or is eligible for future payments under such plan; (II) has received or will receive applicable payments in connection with such plan (within the meaning of clause (ii)) that does not exceed the full vested plan benefits of such participant or beneficiary