### Question
How is the term accrued liability defined?


### Answer
The term **accrued liability** is defined in *29 U.S.C. § 1002* as the following:

> 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

#### Citation:
  - *29 U.S.C. § 1002*
  - Heading: **CHAPTER 17-COMPREHENSIVE EMPLOYMENT AND TRAINING PROGRAMS > SUBCHAPTER I-PROTECTION OF EMPLOYEE BENEFIT RIGHTS > Subtitle A-General Provisions**

