The Connecticut Higher Education Trust (CHET) was first set-up in 1998, with TIAA-CREF managing direct-sold plans; it will continue to do so. Now, state residents also have the option of an adviser-sold plan, offered through The Hartford. Connecticut State Treasurer Denise L. Nappier said it was a competitive bid process, but The Hartford was selected to manage the new “CHET Advisor” program because of its commitment to education in its home state.
“The launch of CHET Advisor is an exciting opportunity for those saving for college in our state,” said Treasurer Nappier. “Financial advisers in Connecticut now have a home state 529 plan to use when helping families plan for college, and we’ve provided this important option by partnering with The Hartford, a company with a longstanding commitment to its Connecticut roots.”
CHET Advisor will provide state-tax benefits to residents of Connecticut, including:
- A Connecticut income tax deduction for contributions of up to $5,000 per year ($10,000 for married couples filing jointly)
- Tax-free accumulation of earnings
- Tax-exempt distributions for eligible education expenses.
Program details, including investment options and Disclosure Booklet, are available on the college savings page at www.HartfordInvestor.com.