Review of Vendor Contracts - Settlor Fee?

The plan sponsor's new legal counsel  wants to review all contracts with their vendors.  Due  to the complexity of the agreements they want to use outside counsel or a  consultant.

The question is - can the cost associated with this service be paid from the forfeiture account. Forfeitures are used to offset admin fees.  This is not a plan design issue, just looking at agreements to be sure they are current and encompass all features provided.  Ok to pay for forfeitures??

Any site I can reference??

Thanks

 The cost of negotiating an administration contract that results in lower fees for the plan holding the forfeitures would be an administrative cost and maybe offset. 

If:

• the purpose and scope of the review is to review the plan’s or its administrator’s agreements with providers of services used for the plan’s administration,

• that review is reasonably needed for the plan’s administration,

• the fee is no more than reasonable compensation for the services rendered,

• incurring the expense is not contrary to the plan’s governing documents, and

• the responsible fiduciary loyally and prudently incurs that expense for the exclusive purpose of providing the plan’s benefits to participants and their beneficiaries,

it ought to be an expense a fiduciary could pay from plan assets.

For some partial subregulatory guidance:

https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/advisory-opinions/2001-01a

https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/advisory-opinions/settlor-expense-guidance