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BQ24075: Power path logic/levels

Part Number: BQ24075

Hey 

Simple question, but something I can't see to confirm from the datasheet. 

When the VIN voltage on the BQ24075 is at 5V. the battery is charging(4.2v li ion) and the out voltage is 5.5v. 

When VIN is removed or below 5V the OUT is attached to the battery. 

When out is attached to battery, the out voltage is no longer regulated and drops with the battery voltage until undervoltage limit is reached ? 

So to me the Bq24075 is not a regulated output but a 5.5V capped output but will drop in voltage with the battery voltage ? I would need an additional step up converter to maintain the 5V rail on the OUT of the BQ24075?