Auth, Mcrypt and two-way encryption

Hi, I have a client who wants to store encrypted passwords in a db, but also wants to be able to decrypt the passwords so that the administrators can have a list of passwords handy if the students have forgotten them. They basically need to be able to print out lists with the student names next to the students' plain text passwords. They then distribute these lists, or read off of them themselves. There is no email-my-password or change-my-password functionality in the application (it does not meet this systems' needs). I know that using md5 encryption you get one-way, which would not be good for this clients need. I have looked briefly into the Mcrypt library that supports two-way encryption (meaning I have read about it online, have not downloaded or tried it). Can one use this library and also use PEAR:: Auth (by setting the cryptType to Mcrypt (or the specific algorithm you have selected from mcrypt)? How would you do that? If anyone could answer that question, or the more general questions: -- Is there a way to do two-way encryption using Auth (and if so, is it worthwhile or secure)? -- If not, is there another way to do two way encryption that I have not thought of? -- Or would you suggest just storing the passwords as plain text and forgetting about encrypting them altogether? I'd be very appreciative for any advice on this matter. Thanks in advance, sarah