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Connecticut Higher Education Trust (CHET)
Connecticut
Similar to other TIAA-managed 529 savings programs, this one features two age-based options along with six static investment options.
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General
Did you know?
Residents are not limited to investing in their own State's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Program type:
Savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
1997
State agency(ies):
Connecticut State Treasurer
Program manager:
TIAA-CREF Tuition Financing, Inc.
Program distributor:
TIAA-CREF Individual & Institutional Services, LLC
Manager contract term:
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Eligibility
State residency requirements:
None
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:
$25, or $15 per pay period via payroll deduction
Investment Options
Age-based investment options:
Two age-based options, the Managed Allocation Option and the Aggressive Managed Allocation Option, are offered, each containing six 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:
Six options are offered: the High Equity Option, the 100% Equity Index Option, the Social Choice Option, the 100% Fixed-Income Option, the Principal Plus Interest Option, and the Money Market Option.
Underlying investments:
TIAA-CREF institutional mutual funds. The Principal Plus Interest Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum annual rate of interest (actual rate is declared annually).
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:
0.60% manager fee; fee includes underlying fund expenses and a 0.01% fee to the state. None for the Principal Plus Interest option.
Expenses of the underlying investments:
Not applicable, included in the program management fee.
Total asset-based expense ratio:
0.60%; none for Principal Plus Interest Option.
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Contributions to the Connecticut 529 plan of up to $5,000 per year for an individual taxpayer, and $10,000 per year for 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:
Connecticut law exempts qualified distributions from the Connecticut 529 plan (via specific exclusion) and from non-Connecticut 529 plans (via conformity to the federal tax exclusion). Nonqualified distributions from the Connecticut 529 plan 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?
Yes
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-888-799-2438
Web site:
Plan News
- Connecticut 529 adds investment options (12/02/2007)
- Connecticut 529 adds option, reduces fees (06/22/2006)
- Management fees reduced in Connecticut 529 plan (02/18/2006)
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