Final answer:
The term for accrued expenses for employee post-retirement benefits that are tax deductible when payments are made is a 'Defined Benefit Plan' liability. These plans are distinct from 'Defined Contribution Plans' like 401(k)s and 403(b)s, with the latter being more common today. Contributions to defined contribution plans are tax-deferred and these savings accounts are portable across different employers.
Step-by-step explanation:
The term for accrued expenses for employee post-retirement benefits that are tax deductible when subsequent payments are made is 'Defined Benefit Plan' liability. These are traditional retirement plans where an employer guarantees a specified pension payment during the employee's retirement, based on earnings and tenure of service.
In contrast, 'Defined Contribution Plans' like 401(k)s and 403(b)s, where both employer and employee contribute a fixed amount, have largely taken their place. The employer in defined contribution plans contributes regularly to the employee's retirement account, which can be invested in various financial vehicles. Such contributions are tax-deferred and the savings account is portable across jobs.
'Legally Required' contributions such as taxes on employee's wages, social security, and insurance premiums are key components of employment-related expenses. Defined benefit plans, however, are becoming less common, with the shift towards defined contribution plans reducing the burden of inflation on retirees' savings.