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CHET Advisor 529 College Savings Program

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Best CT resident benefits

CT resident benefits

The Connecticut Higher Education Trust (CHET) Advisor Plan is managed by Fidelity Investments. Fidelity offers the CHET Advisor 529 Plan through brokers, utilizing Fidelity Series funds in its age-based and static portfolio options, and Fidelity Advisor funds in its individual fund portfolio options. To find a financial advisor in your area, use the Directory of Financial Professionals.

CHET Advisor 529 College Savings Program

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2010, substantially changed in 2021

State agency

Connecticut State Treasurer

Tax deduction

For single filers: $5,000/yr per beneficiary

For joint filers: $10,000/yr per beneficiary

Program manager

Fidelity Investments

Program distributor

Fidelity Investments Institutional Services Company, Inc

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

The Plan is intended for but not limited to Connecticut residents who are U.S. residents, have a Social Security number or Tax Identification Number (Tax ID), and are at least 18 years of age.

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 plans for the same beneficiary reach $550,000.

Minimum contributions:

There is no minimum to open an account. With the automatic investment plan, the minimum contribution level is $50 per month or $150 per quarter.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan does not offer an online gifting portal allowing for easy sharing but may offer gift certificates or allow mail-in gift contributions.

Investment Options

Investors in CHET Advisor 529 College Savings Program can select from the following investment options. Click on a portfolio name for more information.

The Age-Based Strategy contains 8 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary or as determined by the account owner. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the College portfolio.
PortfolioE.R. % Equity1yr performance
CT 529 Portfolio 20391.08%79.66%5.23%
CT 529 Portfolio 20371.06%70.8%5.24%
CT 529 Portfolio 20341.03%57.44%5.07%
CT 529 Portfolio 20311%44.24%5.03%
CT 529 Portfolio 20280.97%31.12%5.02%
CT 529 Portfolio 20250.93%17.29%5%
CT 529 College Portfolio0.92%15%4.91%
CT 529 Portfolio 20421.12%92.93%5.4%

Age-based/Enrollment Year investment options:

The Age-Based Strategy contains 8 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary or as determined by the account owner. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the College portfolio.

Static investment options:

Select among 2 multi-fund portfolios (Aggressive Growth and Moderate Growth and 16 individual-fund portfolios and a Stable Value Portfolio.

Underlying investments:

Fidelity Advisor Funds and Fidelity Series Funds

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None, but contributions may be subject to a sales charge depending on unit class.

Account maintenance fee:

$20 annually for accounts with less than $25,000, waived with automatic contributions of at least $50 per month of $150 per quarter.

Program management fees:

0.20% management fee (includes 0.01% fee to the state), plus distribution/servicing fees as follows:

Fixed income, individual-fund portfolios: 0.15% (Class A), 1.00% (Class C), 0.75% (Class P), none (Class I)

All other portfolios: 0.25% (Class A), 1.00% (Class C), or 0.75% (Class P), none (Class I)

Expenses of the underlying investments:

Ranges from 0.47% to 0.80% (portfolio weighted average) in the age-based and static multi-fund portfolios, and from 0.05 to 1.14% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.40% - 1.59%
Class C: 1.25% - 2.34%
Class P: 1.00% - 2.09%
Class I: 0.25% - 1.34%

Broker loads and commissions:

Breakpoint pricing:

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

Taxes and other Benefits

Tax deduction for single filers:

$5,000/yr per beneficiary

Tax deduction for joint filers:

$10,000/yr per beneficiary

Program match on contributions:

The CHET Baby Scholars program closed to new account owners as of July 1, 2021. CHET Advisor plan account owners who enrolled and meet the eligibility requirements of the Baby Scholars Program prior to July 1, 2021, are eligible for a one-time $100 contribution to families that open a 529 college savings account by an eligible child's first birthday or within the first year after an adoption. A beneficiary is eligible for only on $100 contribution regardless of the number of CHET 529 accounts opened. Families that save an additional $150 in the first four years will receive a state match of $150, for a total of $250 in state funds.

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.

Calculate your Connecticut 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Connecticut 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

None.

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. It also includes interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

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

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

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:

Ownership may not be transferred except in the case of an owner's death or incapacity.

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:

Contact

Website:

https://institutional.fidelity.com/app/item/RD_9894866.html

Telephone:

(877) 208-0098

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