Employee Benefits

Newark Academy benchmarks the salaries of its employees against other leading independent schools in New Jersey and is committed to offering salaries in the top tier of its peer group.

• Health Insurance - offered to all full-time employees and their dependents. Current coverage is provided by a Cigna PPO plan. Premium costs are shared between NA and the employee at a ratio of 90/10 (NA to individual) for single employees and a rate of 80/20 for dependent coverage. The employee portion of the premium is paid via payroll deduction and coverage begins as soon as the first of the month following the date of hire.
• Life Insurance - provided at no cost, provides life insurance equal to one time the employee’s base salary up to $400,000 maximum along with an additional $25,000.00
• Optional dental coverage for all full-time employees and their dependents
• Flexible spending accounts for both (out of pocket) medical and dependent care costs for all employees
• Vision benefit - for all full-time employees and their dependents 

• Loan Assistance - available to full-time employees who have earned an undergraduate or graduate degree no more than three years prior to accepting employment at NA, may be eligible for assistance with loan repayment (contingent on budget availability). Acceptance of assistance requires the faculty member to commit to a year of service for each year that a grant is received.
• Support for Graduate Education - Faculty members at Newark Academy who do not hold a Master’s degree are expected to pursue and complete such a degree within five years of employment. In support of that policy, Newark Academy offers all full-time employees the option to request financial assistance for graduate education. Requests for funding are made annually to the Dean of Faculty. Employees receiving graduate school financial support from NA may receive assistance for no more than 9 credit hours per fiscal year (July 1 – June 30). Receipt of an NA grant for graduate school requires the employee member’s commitment to serve at NA for at least three additional years.

Newark Academy benefits greatly from its location in the northern New Jersey suburbs. Housing costs within a 30 minute commute from campus vary widely but are greater than in many other parts of the United States. With this understanding, Newark Academy offers several types of relocation and housing assistance for new faculty and staff, including:

• A no-interest loan up to $3,000 from NA to be used exclusively for a rental security deposit. Repayment is made over a two-year period via payroll deduction.
• Assistance with closing costs for employees who have completed three years of full-time service and are purchasing their first home. This assistance is capped at $6,000. An application process is required. 

All Newark Academy employees participate in retirement savings through a defined contribution plan from TIAA, which offers a variety of investment vehicles. All employees after their first year are mandated to contribute 5% of their wages. Employees may elect to opt out of contributing their first year of employment, if they opt out or elect to contribute less than 5%, Newark Academy will not begin contributing on their wages until the second year. Employees are required to contribute 5% of their base salary to the plan, with Newark Academy matching with a 5% of base salary contribution.

After 5 years of full-time employment, Newark Academy's contribution increases to 7.5 percent. The percentage of Newark Academy’s contribution increases to 10 percent after 10 years of service from the employee. Employees may contribute additional funds (above the 5%) up to the limit allowed by tax laws. Employee contributions are made, pre-tax, through payroll deduction.

• Daily lunch meal (no cost)
• Laptop Program (no cost)
• Tuition Program for Children of Employees - Employees who wish to have their children attend Newark Academy, must follow the process for admission and follow the process for requesting financial aid. Employees must be employed no less than six months to be eligible. If interested in need-based financial aid above the 80%, employees must apply through and qualify for aid using the same procedure as all other applicants. Any employee that qualifies for need-based financial aid above the 80% remission rate will also be eligible to receive proportional aid towards all fees and incidental expenses for their child.