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.