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Connecticut Higher Education Trust (CHET)

4 / 5

Our rating

Best CT resident benefits

CT resident benefits

Connecticut Higher Education Trust (CHET), a Fidelity-managed 529 plan follows the same approach as other Fidelity plans in Arizona, Delaware, Massachusetts and New Hampshire. It features three age-based options; one using Fidelity Series actively managed funds; one using Fidelity Series index funds; and a third using a combination of the two. The Connecticut plans also offers 11 static options, an option that invests in an interest-bearing deposit account, and a stable value option that invests in a separately managed account that may invest in individual securities or Fidelity mutual funds and investment contracts issued by third-party insurance companies or banks. Prior to February 2021, the plan was managed by TIAA-CREF.

Connecticut Higher Education Trust (CHET)High Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

1997, 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 Brokerage Services, LLC

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and trusts.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Effective 10/1/22, accepts contributions until account balances in CHET 529 for the same beneficiary reaches $550,000

Minimum contributions:

There is no minimum to open an account. With the automatic investment plan, the minimum contribution level is $15 per month or $45 per quarter.

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

This plan offers an online tool to share a gift contribution link with family and friends.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in Connecticut Higher Education Trust (CHET) can select from the following investment options. Click on a portfolio name for more information.

Choose between 3 target date options, one invested in Fidelity Series actively managed funds, another invested in Fidelity Series index funds, and a Fidelity Blend option with a combination of both. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.
PortfolioE.R. % Equity1yr performance
Fidelity Blend: College Portfolio0.4%15%5.21%
Fidelity Blend: Portfolio 20240.41%15%5.21%
Fidelity Blend: Portfolio 20270.44%26.47%5.39%
Fidelity Blend: Portfolio 20300.48%40.04%5.26%
Fidelity Blend: Portfolio 20330.51%52.78%5.18%
Fidelity Blend: Portfolio 20360.54%66.41%5.31%
Fidelity Blend: Portfolio 20390.56%79.64%5.45%
Fidelity Funds: College Portfolio0.6%15.01%5.21%
Fidelity Funds: Portfolio 20240.61%15.01%5.28%
Fidelity Funds: Portfolio 20270.64%26.48%5.34%
Fidelity Funds: Portfolio 20300.7%40.03%5.22%
Fidelity Funds: Portfolio 20330.74%52.77%5.21%
Fidelity Funds: Portfolio 20360.77%66.41%5.32%
Fidelity Funds: Portfolio 20390.8%79.63%5.37%
Fidelity Index Fund: College Portfolio0.14%15%5.54%
Fidelity Index Fund: Portfolio 20240.14%15%5.52%
Fidelity Index Fund: Portfolio 20270.14%26.48%5.81%
Fidelity Index Fund: Portfolio 20300.14%40.02%5.88%
Fidelity Index Fund: Portfolio 20330.14%52.79%6.06%
Fidelity Index Fund: Portfolio 20360.14%66.39%6.25%
Fidelity Index Fund: Portfolio 20390.14%79.63%6.53%
Fidelity Blend: Portfolio 20420.59%92.97%5.5%
Fidelity Funds: Portfolio 20420.83%92.95%5.46%
Fidelity Index Fund: Portfolio 20420.14%92.95%6.79%

Age-based/Enrollment Year investment options:

Choose between 3 target date options, one invested in Fidelity Series actively managed funds, another invested in Fidelity Series index funds, and a Fidelity Blend option with a combination of both. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.

Static investment options:

Select among 6 multi-fund portfolios, 6 individual-fund portfolios, a Bank Deposit Portfolio and a Stable Value Portfolio.

Underlying investments:

Fidelity Investments. For the Bank Deposit Portfolio only, a deposit in a FDIC-insured interest-bearing account (Wells Fargo). The T-C Life Funding Agreement is issued and managed by TIAA-CREF Life Insurance Company).

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.09% for the index fund options (includes 0.01% state fee); 0.17% for the Fidelity fund options (includes 0.01% state fee); 0.12% for the Fidelity Blend options (includes 0.01% state fee). For the Bank Deposit Portfolio, there is a 0.05% Program Management Fee (includes 0.05% state fee) and is based on the Federal Funds Target Rate. For the Stable Value Portfolio, there is a 0.08% Program Management Fee

Expenses of the underlying investments:

Ranges from 0.01% to 0.11% annualized in the Fidelity index fund portfolios, from 0.30% to 0.78% annualized in the Fidelity funds portfolios, 0.28% to 0.50% in the Fidelity Blend portfolios and 0.45% in the Stable Value Portfolio. For the Bank Deposit Portfolio, there is no underlying fund expense. There is, however, a Bank Administration Fee, which ranges from 0.00%-0.40% and is based on the Federal Funds Target Rate.

Total asset-based expense ratio:

0.11% - 0.95%

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 provides 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 one $100 contribution regardless of the number of CHET 529 accounts opened.

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:

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:

Contact

Website:

http://www.aboutchet.com

Telephone:

1-888-799-2438

Twitter

https://twitter.com/chet529

Social Media

https://www.facebook.com/CHET529/

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