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Connecticut


Connecticut Higher Education Trust (CHET) -- Advisor Plan


5 Cap Ratings
(Resident Rating) (Non-Resident Rating)

Summary
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.

Program Details
Summary: 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.
Program type: Savings
Program manager: Hartford Life Insurance Company
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.
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.
Age-based investment options: One 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.
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%
Program match on contributions: Connecticut will provide $250 to families that open a 529 college savings account by their child's first birthday or within the first year after an adoption. 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.
Web site: Click here to visit
Telephone: 1-877-407-2828
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