Coverage earned by an employee on a pension plan, based on years of service with an employer. Accrued benefits may include vacation, sick or personal time off, or other related benefits. Employees who are laid off, retire or are fired must receive all unpaid accrued benefits.
Further explanation: 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.
Definition courtesy of Investopedia