SAN MATEO, CA – March 2, 2006 –WageWorks®, the leader in consumer health spending management, announced today the appointment of Gary Gensler to its board of directors.

Gensler brings unmatched credentials to this position. In 1997, President Clinton appointed Gensler to the position of Assistant Treasury Secretary for Financial Markets and later Under Secretary of the Treasury for Domestic Finance. In that capacity, he was the principal adviser to Treasury Secretaries Robert Rubin and Lawrence Summers on all matters of domestic finance including US financial markets, debt management, fiscal policy, federal lending, and related economic and financial matters. Gensler subsequently acted as a Senior Advisor to Senator Paul Sarbanes, then Chairman of the Senate Finance Committee, in the crafting of the landmark Sarbanes-Oxley Act of 2002. Sarbanes-Oxley is the legal framework for federal government oversight of the accounting and governance practices of public companies.

Before joining the Treasury Department, Gensler was a partner of Goldman Sachs, where he held numerous positions, including Co-head of Finance, overseeing the worldwide finance operations of one of the world's premier investment banking, securities and investment management firms.

"WageWorks is honored to have an accomplished individual such as Gary join our Board and serve as audit committee Chair," says Scott Halstead, chief executive officer. "His experience will be valuable to WageWorks as we continue to grow and expand our business."

"I am pleased to be joining the WageWorks team," says Gensler. "The company's growth, and the achievements of the senior management team are impressive, and I look forward to helping WageWorks continue to be a leader in its industry."

Gensler currently serves as audit committee Chair of Strayer Education, Inc. (NASDAQ: STRA), Treasurer of the Baltimore Museum of Art and Trustee of The Bryn Mawr School and Enterprise Community Partners as well as a number of other community and civic organizations.

About WageWorks
Founded in 2000, WageWorks provides tax-advantaged health, wellness, child care, commuting, and education benefits. More than 100 of America's Fortune 500 employers and millions of their benefits-eligible employees use WageWorks' programs. As the cost of living continues to rise and more health care costs are pushed to employees, WageWorks seeks to eliminate barriers to benefit participation so working families can save money and improve their overall well-being.

WageWorks provides easy-to-use benefits programs that help save time, and educational tools and resources to increase employees' knowledge and understanding of their family's health care and financial needs.

WageWorks is headquartered in San Mateo, CA., with offices in New York, Chicago, Washington, D.C., Phoenix, Ariz., Mequon, WI., and Troy, MI. For more information, please visit www.wageworks.com.