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When the company converted to the new plan, it hurt every employee over the age of 40, because it reduced their accrued benefits.
Accrued benefits are another form of income employees receive, but this income is not paid immediately. For example, a worker will accrue vacation time and still receive a regular salary when off on vacation. Other accrued benefits can include a profit-sharing plan, a stock bonus plan, an employee stock ownership plan (ESOP), a thrift plan, a target benefit plan or a money purchase pension plan.