Offer supplementary retirement benefits that exceed the school's normal program. Teachers deserve more than minimalist conditions in old age. Make interest-free loans available for downpayments on a house. Thousands of teachers who work in cities and boarding schools have no equity in real estate. Consider helping faculty with tuition payments for their children at other schools or colleges.
Federal law permits such grants tax-free.
Provide faculty members with an occasional consultant for personal financial and estate planning. Academic people especially need to know how to stretch limited resources. Several schools have successfully undertaken such a program. All of the above can be financed through relatively modest endowment funds, foundation grants or a slice of tuition income. Felicitous working conditions and an environment of intimacy are still the main attractions of independent schools for teachers.