What are CHET contributions?
You can contribute all or part of your refund to Connecticut Higher Education Trust (CHET) 529 College Savings Plan. This contribution is irrevocable and must be made into an existing CHET 529 College Savings Plan.
The Office of the State Treasurer CHET Baby Scholars fund will deposit $100 into a CHET account for children born or adopted on or after January 1, 2014. A second deposit of $150 will be made if family and friends add at least $150 to the child's enrolled CHET account within four years. The deadline to participate is 12 months after the child's birth or adoption.
The incentive contributions are broken down into two
- A $100 payment, as long as a depositor enters into a participation agreement no later than the first birthday of the designated beneficiary, or, if the beneficiary is adopted, no later than one year after the date the designated beneficiary is legally adopted; and
- A $150 payment, as long as the designated beneficiary's savings plan has received deposits totaling at least $150, exclusive of the $100 initial incentive contribution, no later than the designated beneficiary's fourth birthday, or, if the beneficiary is adopted, no later than four years after the date of adoption.
Money invested in CHET will not be considered an asset for purposes of determining an individual's eligibility for the following:
- Assistance under the temporary family assistance program;
- Programs funded under the federal Low Income Home Energy Assistance Program block grant;
- The federally appropriated weatherization assistance program; or
- Need-based, institutional aid grants offered to an individual at the public eligible educational institutions in the state.