About
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Overview of Employee Benefits

Competitive Salaries

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.

Benefits

List of 3 items.

  • Health Insurance

    is 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 for new employees on the first month following the hire date.
  • Short-Term Disability and Life Insurance

    Newark Academy provides, at no cost, a life insurance policy equal to one time the employee’s base salary up to a $125,000 maximum.

    Short-term disability benefits are provided, at no cost to the employee.
  • Optional Insurance Offerings

    Newark Academy also offers employees optional dental, long-term disability and additional life insurance. Flexible spending accounts are also available for both (out-of-pocket) medical costs and dependent care.

Education Benefits

List of 2 items.

  • Undergraduate Loan Assistance

    Available to faculty who have earned an undergraduate degree no more than three years prior to accepting employment at NA, may be eligible for assistant 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 faculty the option to apply for financial assistance for graduate education. Request for funding are made annually to the Dean of Faculty. Faculty 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 faculty member’s commit to serve at NA for at least three additional years.

Housing Assistance

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. To assist faculty in relocating, Newark Academy several types of assistance, including:

  • Rental Deposit Costs

    newly hired faculty and staff may receive a no-interest loan up to $2,600 from NA to be used exclusively for a rental security deposit. Repayment is made over a two-year period via, payroll deduction.
  • First-Time Home Buyer Assistance

    Faculty and staff members who have completed three years of full-time service and are purchasing their first home are eligible to apply for assistance with closing costs. This assistance is capped at $6,000.

Retirement Benefits

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. 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.

Other Benefits

List of 3 items.

  • 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. Upon admission of the child(ren), Newark Academy factors the employee family’s financial aid reward based on family income, less the NA employees compensation.
Shaping independent education for grades 6-12 in Northern New Jersey