Accrued Liability Law and Legal Definition

According to 29 USCS § 1002 (Title 29; Chapter 18; Employee Retirement Income Security Program; Protection of Employee Benefit Rights; General Provisions), the term "accrued liability" means “the excess of the present value, as of a particular valuation date of a pension plan, of the projected future benefit costs and administrative expenses for all plan participants and beneficiaries over the present value of future contributions for the normal cost of all applicable plan participants and beneficiaries. The Secretary of the Treasury may prescribe regulations to carry out this paragraph.”