College & Career

Connecticut

Connecticut Higher Education Trust (CHET) -- Advisor Plan
5 Cap Ratings
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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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