AAG provides administrative services for benefit plans that cover over
80,000 lives.

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calpers. (NYSE: SFG), was
ranked the overall number one retirement plan provider in the Boston Research
Group survey of plan sponsors with $5 million or less in plan assets. "Taking care of clients is at the very core of
our long-term success .
StanCorp's subsidiaries serve customers nationwide with group and individual
disability insurance and retirement products, and group life and dental
insurance, with more than 29,500 group insurance policies in force covering
about 6.

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----The CalPERS
Board of Administration voted 9-3 to oppose legislation that calls for
a Constitutional Amendment that would shift public pensions from a
defined benefit plan to a 401(k)-style defined contribution plan for
new employees.
Kurato Shimada, Chair of the Benefits Program and Administration
Committee, said the System recognizes the plight of employers in
meeting their financial obligations to fund pensions, but there is no
need to throw the baby out with the bathwater. These statements are "forward-looking"
statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. Because such statements are subject to risks and uncertainties,
actual results in future periods may differ materially from those expressed or
implied by such forward-looking statements., an international insurance brokerage and risk
management services firm, is headquartered in Itasca, Illinois, has operations
in eight countries and does business in more than 100 countries around the
world through a network of correspondent brokers and consultants .

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"We will continue to
work with our employer community to find the best way of stabilizing
contributions .
CalPERS is the nation's largest public pension fund with assets of
more than $182., Standard Insurance Company ("The
Standard"), a subsidiary of StanCorp Financial Group, Inc.

recordkeeper keogh

For more information
about StanCorp Financial Group, Inc.com.

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Gallagher Benefit
Administrators provides services to over 500,000 covered lives through offices
in Illinois, Texas, Ohio, Mississippi, California, Michigan and Colorado. For existing and new brokers, this acquisition opens the door to a
wide spectrum of new and exciting opportunities across the country. ("ICON"), a
Lubbock, Texas-based Third Party Administrator with over 70,000 members in
22 states, serving a combination of private employers, governmental entities ,
church associations and MEWA's.

About The Parker Group
The Parker Group is a diverse health care management organization.

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, visit its Web site at
http://www.stancorpfinancial.

rollovers 401

"The abundance of evidence suggests this legislative proposal to
move to a defined contribution plan is not well thought out," said Rob
Feckner, President of CalPERS. All responses are anonymous."
Last month, The Parker Group acquired Mr.

keogh heintzberger

Business Editors

SACRAMENTO, Calif.
ACA 5 and ACA 1X would amend the California Constitution to
prohibit any newly hired public employees from enrolling in a defined
benefit public pension plan beginning July 1, 2007.7 million employees , as of December 31, 2004.
"Employers will receive the efficiencies and strategic expertise needed to
assist their employees and retirees manage the pressures of rising health care
costs. "AAG and GBA are a great boost to our long-term
strategy of geographic and product expansion.

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Boston Research Group drew
from the 401kExchange's database of 401(k) plans in the United States for the
study 's sample.

Disclosure
Information in this news release includes certain statements related to
projected growth and future events.

The Parker Group Acquires Gallagher Benefit Administrators Inc.

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Bryan's company, American
Administrative Group, Inc.

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If either bill
passed, it would require voter approval during the next Statewide
election. The benefit is determined according to a calculation based
on the employee's salary, years of service and age at retirement. Third-Party Administrator Acquisition Expands Scope and Brings Management
Depth

LUBBOCK, Texas, The Parker Group, a health care
and benefits management holding company, announced today that it has closed on
the acquisition of Gallagher Benefit Administrators , Inc.

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The Board accepted the recommendation of the Benefits and Program
Administration Committee which yesterday listened to a staff analysis,
heard from the Director of the Department of Finance , and received
comments from numerous representatives of employee and retiree groups. At
retirement , the employee has an account balance based on how much has
been put into the fund and how these contributions have grown over
time as they have been invested.ca.

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The Standard Ranked Number One Retirement Plan Provider in Boston Research Group Survey

PORTLAND, Ore. Gallagher + Co. (NYSE: AJG).
"The timing of this acquisition allows us to take advantage of significant
market opportunities as a leading provider of employee benefit administrative
services," said Michael Bryan, President and COO of the combined companies. The combined revenues clearly
put us among the top ten employee benefit TPAs in the nation," says Ted Parker,
CEO, The Parker Group."
The Parker Group owns ICON Benefit Administrators, Inc.

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newscom. ("GBA") a national
third-party employee benefits administrator .

retirement valued

"
DCP 2004, now in its second year, is a nationwide study of 401(k) plan
sponsors with $5 million or less in plan assets.
Separate companies provide employee benefit and third party administration ,
preferred provider organization network services, medical and case management,
wellness, and information technology including EDI clearing house, paper to
EDI conversion and PPO repricing.

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Under such a plan, the employee is entitled to the promised specific
benefit.gov

"The outstanding results of this independent survey confirm our decision
to focus first on our customers , and then develop and refine our products and
services based on the benefits they value most," says Chris Raudonis, vice
president, Retirement Plans. The Standard was rated first among twenty-four other
providers. To be included in
the survey, retirement plan providers had to receive a minimum number of
client responses.

noonan erisa

About StanCorp Financial Group, Inc., through its wholly owned subsidiaries --
Standard Insurance Company and The Standard Life Insurance Company of New York
-- is a leading provider of employee benefits products and services. See StanCorp's 2003 annual report
on Form 10-K and most recent Form 10-Q filed with the Securities and Exchange
Commission for a description of the types of uncertainties and risks that may
affect actual results.
"Our acquisition strategy is an effective way to accelerate growth,
improve operations and integrate new services.

About Arthur J.

erisa 401k

"
A defined benefit guarantees a specific pension amount to the
employee.
StanCorp Financial Group, Inc. Gallagher + Co.

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CalPERS Board Votes to Oppose Defined Contribution Legislation

Under the defined contribution proposal, or DC plan, the employer
contributes a fixed amount alongside of employee contributions.4 million State and local public employees and their
families. The company was acquired from a
subsidiary of Arthur J.

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Survey respondents were identified using Form 5500 filings to provide
statistically reliable samples. ("AAG") of Fort Worth, Texas. ICON administers Worker's Compensation,
Section 125/Cafeteria plans, and Consumer Driven Health Plans.

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The money used to finance the pension comes from
contributions by the employer , employee, and investment returns. A Constitutional Amendment is not necessary to solve
this problem ," he added.9 billion.com/cgi-bin/prnh/20050222/SFTU134LOGO )
In the independent survey, Defined Contribution Provider 2004 ("DCP
2004"), respondents rated their satisfaction with their providers ' services. In addition, The
Standard was ranked number one in the individual categories of employee
education, participant Web site, relationship manager, plan coordinator,
recordkeeping, ERISA services and telephone representatives.

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"It is our fiduciary duty to oppose
this legislation because it harms the retirement security of future
members and because long term it will hurt our ability to invest
assets appropriately. The System provides retirement and health
benefits to 1.
(Logo: http://www.
The Standard received the most "very satisfied" responses in all categories to
secure the number one rating in overall satisfaction. Employers and brokers alike
will reap the benefits of administrative service excellence and an experienced,
stable management team.

unsurpassed cafeteria

Arthur J.

noonan jf

For more information on CalPERS, visit www. AAG has a 20-year
history in retiree benefits and Medicare administration as well as business
process outsourcing services for the group insurance and union market sectors. Gallagher + Co.