Our experience would confirm this. 401(k) record-keeping is exceedingly complex.

FORBES: 401(k)s: Far More Dangerous Than IRAs (March 2, 2001)

States would have to meet certain conditions, such as hiring "well-trained teachers" paid comparably to those in K-12, adopting rigorous curricula, keeping student-teacher ratios low and assessing youngsters.

WSJ: Oklahoma Is Public Preschool's Test Case

In our March 2001 alert we identified four categories of risk related to 401(k)s: investment risk, record-keeping risk, employer-business risk and regulatory risk.

FORBES: An End to 401(k)s (February 1, 2002)

Looking at the total plan expenses, including administrative and record-keeping fees, the 401(k) Averages Book found that the average total expense for a small plan in 2012 was 1.46%, with a range between a low of 0.38% and a high of 1.97%.

FORBES: 401(k) Fees Still Widely Misunderstood

Fidelity has long been a dominant player in the 401(k) retirement plan services marketplace, offering both administration and record-keeping of plans, as well as mutual fund money management to companies and their employee plan participants.

FORBES: Fidelity 401(k) Price-Fixing Scheme Cost Retirement Savers Plenty