I have a potential client who's plan document is written as such that the cash benefit is accrued as of the last day of the year (12/31). I was under the impression it could not be accrued on the last day, but had to be before then. (I normally see accrued after 1000 hours, or accrued monthly).
Are you permited to accrue a benefit on the last day of the year for a defined benefit plan?