Newark Academy benchmarks the salaries of its faculty against other leading independent schools in New Jersey and is committed to offering salaries in the top tier of its peer group.
All Newark Academy employees participate in retirement savings through a defined contribution plan from TIAA, which offers a variety of investment vehicles. New employees who have not participated in a TIAA plan before are eligible after one year of full-time service. New employees who already have existing accounts with TIAA may be eligible one month after their hiring date. Employees are required to contribute 5 percent of their base salary to the plan, with Newark Academy matching with a 5 percent 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 percent) up to the limit allowed by tax laws. Employee contributions are made, pre-tax, through payroll deduction.