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.
- 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
- Telephone: 1-877-407-2828
- Web site: Click here to visit
- 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: 1 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: 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.