Section 423.521 - [Effective 6/3/2024] Final settlement process and payment(a)Notice of final settlement. After the calculation of the final settlement amount, CMS sends the Part D sponsor a notice of final settlement. The notice of final settlement contains at least the following information: (1) A final settlement amount for the contract that has been consolidated, nonrenewed, or terminated, which may be one of the following:(i) An amount due to the Part D sponsor.(ii) An amount due from the Part D sponsor.(iii) $0 if nothing is due to or from the Part D sponsor.(2) Relevant banking and financial mailing instructions for Part D sponsors that owe CMS a final settlement amount.(3) Relevant CMS contact information.(4) A description of the steps for requesting an appeal of the final settlement amount calculation, in accordance with the requirements specified in § 423.522.(b)Request for an appeal. A Part D sponsor that disagrees with the final settlement amount has 15 calendar days from issuance of the notice of final settlement, as described in paragraph (a) of this section, to request an appeal of the final settlement amount under the process described in § 423.522. (1) If a Part D sponsor agrees with the final settlement amount, no response is required.(2) If a Part D sponsor disagrees with the final settlement amount but does not request an appeal within 15 calendar days from the date of the issuance of the notice of final settlement, CMS does not consider subsequent requests for appeal.(c)Actions if a Part D sponsor does not request an appeal.(1) For Part D sponsors that are owed money by CMS, CMS remits payment to the Part D sponsor within 60 calendar days from the date of the issuance of the notice of final settlement.(2) For Part D sponsors that owe CMS money, the Part D sponsor is required to remit payment to CMS within 120 calendar days from issuance of the notice of final settlement. If the Part D sponsor fails to remit payment within that 120-calendar-day period, CMS refers the debt owed to CMS to the Department of the Treasury for collection.(d)Actions following a request for appeal. If a Part D sponsor responds to the notice of final settlement disagreeing with the final settlement amount and requesting appeal, CMS conducts a review process under the process described at § 423.522.(e)No additional payment adjustments. After the final settlement amount is calculated and the notice of final settlement, as described under § 423.521(a), is issued to the Part D sponsor, CMS-(1) No longer applies retroactive payment adjustments to the terminated, consolidated or nonrenewed contract; and(2) There are no adjustments applied to amounts used in the calculation of the final settlement amount.