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Connecticut Higher Education Trust (CHET) -- Advisor Plan

Connecticut

The Connecticut Higher Education Trust (CHET) -- Advisor Plan, managed by Hartford Life Insurance Company, features age-based, asset-allocation, and individual-fund portfolios using funds from Hartford. To find a financial advisor in your area, use the Find a 529 Pro Directory.

5-Cap Rating

Resident:
Non-Resident:

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)

Performance Costs Features Reliability Resident Upgrade
3.68 3.01 3.13 3.50 0.30

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General

Program type:

Savings

How to enroll:

Enroll through a financial advisor. Find a Professional

Initial year of operation:

2010

State agency(ies):

Connecticut State Treasurer

Program manager:

Hartford Life Insurance Company

Program distributor:

Hartford Funds Distributors, LLC

Manager contract term:

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Eligibility

State residency requirements:

The account owner must have a Connecticut mailing address or be a Connecticut resident on active duty in the U.S. armed forces.

Who can be a participant/owner in the program?

U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Connecticut's 529 plan for the same beneficiary reach $300,000.

Minimum contributions:

The minimum initial contribution for payments via check is $50, with additional investments of at least $25 per Account; For initial contributions made via electronic transfers or Payroll Direct Deposit or through the Automatic Investment Program, the minimum initial and subsequent contributions are $25 per Account.

Investment Options

Age-based investment options:

1 age-based option containing 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary’s age and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

5 options are offered: Aggressive Growth, Growth, Balanced, Conservative, Checks and Balances, twelve individual fund options.

Underlying investments:

Hartford mutual funds plus three ETF funds.

Underlying fund allocations:

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Investment performance link:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.24% manager fee and a 0.02% fee to the state, plus distribution/servicing fees of 0.25% (Class A); 1.00% (Class C); None (Class E)

Expenses of the underlying investments:

Ranges from 0.51% to 0.83% (portfolio weighted average) in aged based and static multi-funds portfolios, and from 0.20% to 1.02% in the individual fund portfolios.

Total asset-based expense ratio:

Class A: 0.71%-1.53%
Class C: 1.46%-2.28%
Class E: 0.46%-1.28%

Broker loads and commissions:

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Breakpoint pricing:

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Does breakpoint pricing include non-529 assets under rights of accumulation policies

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Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a Connecticut 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Connecticut taxable income, with a five-year carryforward of excess contributions. Rollover contributions are not deductible. Contribution deadline is December 31 postmark if by mail, or final business day of the year if by electronic payment.

Value of in-state tax benefits:

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State tax recapture provisions:

None.

State tax treatment of qualified distributions:

Qualified distributions from Connecticut and non-Connecticut 529 plans are exempt. Nonqualified distributions from Connecticut 529 plans made to the account beneficiary are also exempt (i.e. income reported for federal purposes may be subtracted on the CT tax return).

State tax treatment of rollovers:

Connecticut follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

No

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

No

Documents and other services accessible or downloadable on the program's public Web site:

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Contact

Web site:

Click here to visit

Telephone:

1-877-407-2828

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