College & Career

Connecticut

Connecticut Higher Education Trust (CHET)
5 Cap Ratings
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Summary

Similar to other TIAA-managed 529 savings programs, the Connecticut Higher Education Trust (CHET) features three age-based options along with eight static investment options.

Program Details
  • Summary: Similar to other TIAA-managed 529 savings programs, the Connecticut Higher Education Trust (CHET) features three age-based options along with eight static investment options.
  • Program type: Savings
  • Program manager: TIAA-CREF Tuition Financing, Inc.
  • State residency requirements: None
  • 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.
  • Age-based investment options: 3 age-based options, the Moderate Managed Allocation Option, Conservative Managed Allocation Option and the Aggressive Managed Allocation Option, are offered, each containing 6 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: 8 options are offered: the Equity Index Option, the Active Equity Option, the High Equity Option, the Active Fixed-Income Option, the Social Choice Option, the Index Fixed-Income Option, the Principal Plus Interest Option, and the Money Market Option.
  • Underlying investments: TIAA-CREF institutional mutual funds and funds from six outside mutual fund families, GMO, DFA, GE, T Rowe Price, Templeton & Thornburg. 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).
  • Enrollment or application fee: None.
  • Account maintenance fee: None.
  • Program management fees: 0.18% manager fee and a 0.01% fee to the state. None for the Principal Plus Interest option; curretnly waived for the Money Market Option.
  • Expenses of the underlying investments: Ranges from 0.18% to 0.24% for the age-based options, and from 0.10% to 0.68% for static options. None for the Principal Plus Interest option.
  • Total asset-based expense ratio: 0.29% - 0.87%; 0.13% for the Money Market option with waiver. None for Principal Plus Interest Option.
  • Program match on contributions: None.
  • 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: 1-888-799-2438
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