Unfunded 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 "unfunded accrued liability" means “the excess of the accrued liability, under an actuarial cost method which so provided, over the present value of the assets of a pension plan. The Secretary of the Treasury may prescribe regulations to carry out this paragraph.”