The administrator or custodian appointed pursuant to N.H. Rev. Stat. § 101-B:3, shall assist the commission as directed by the commission. He shall maintain a separate account for each employee participant and provide periodic reports of the status of each account to the commission. The administrator or custodian is authorized to impose a reasonable fee to cover recordkeeping and other administrative costs associated with his duties as administrator or custodian. The amount of such fee shall be subject to the approval of the commission.