As with any centrally managed service, privacy is a concern. I am going to outline what a user with administrator privileges can and cannot do since I think it is important for everyone to be on the same page.
What an administrator can access and do with your account
-Reset your password
-Change your contact information
What an administrator cannot access and do with your account
-See what your password is (An admin can only reset your password if you forget it but they cannot tell you what your current password is)
-See emails you have sent or received
-See any documents or files you have sent or received on your google account.