Welcome!

News Feed Item

Governor Malloy And Treasurer Nappier Announce Launch Of CHET Baby Scholars

State Will Contribute to Savings Accounts for Newborns

NEW HAVEN, Conn., Aug. 7, 2014 /PRNewswire/ -- Governor Dannel P. Malloy, together with State Treasurer Denise L. Nappier, visited the Friends Center for Children today to announce the launch of the CHET Baby Scholars program, which will help Connecticut families start saving for college as soon as their children are born.

Governor Malloy introduced legislation establishing the CHET Baby Scholars Trust as a fund within the Office of the State Treasurer to encourage savings for newly-born and adopted children.

"Studies have shown that children with a college savings account, of any amount, are seven times more likely to attend and graduate from college than those with no account," said Governor Malloy. "By encouraging hardworking families to save for college right from the start, this program – in addition to investments in the Connecticut State College and University System – will help us build a future where all of our students have access to high-quality educational opportunities."

"The birth or adoption of a child is a joyous time, filled with promise. There's nothing like new life to give us hope for the future.  What better way to start your child on the path to future success than to start saving for his or her college education at the very start of their life's journey," said Treasurer Nappier. "The CHET Baby Scholars program has the potential to influence lifelong savings behavior and help families and children alike understand the importance of owning assets."

CHET Baby Scholars 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 open an account and submit an enrollment form is no more than 12 months after the child's birth or adoption.

The legislation establishing CHET Baby Scholars adds the option for Connecticut taxpayers to direct a portion of their tax refund either to the CHET Baby Scholars fund or to individual CHET accounts set up for their children or other beneficiaries.

The new initiative also excludes the value of a CHET account in determining financial aid at state colleges and universities, and from consideration of other state-funded, means-tested programs.  These exclusions will ensure that families struggling to make ends meet while saving for a child's educational future won't be unfairly penalized.

Parents can apply to open a CHET account and complete an enrollment form at www.aboutchet.com.

About CHET

The CHET 529 college savings plan, of which Treasurer Nappier is Trustee, is managed by TIAA-CREF Tuition Financing, Inc. and The Hartford. It was established in 1997, and has grown to more than $2.2 billion in assets and more than 100,000 accounts.  More than $815 million in qualified withdrawals have been taken to cover college costs for approximately 25,700 students.

The State of Connecticut offers CHET to help families save for future college costs.  Funds deposited into a CHET account have tax advantages and can be used at accredited colleges and universities across the country, including vocational and technical schools, and some colleges abroad.

Connecticut residents are allowed to deduct 529 contributions from their state income taxes -- up to $5,000 for an individual or up to $10,000 for a married couple filing jointly.  As with all 529 plans, investment earnings are exempt from state and federal taxes if used for qualified educational expenses.

CHET is an investment vehicle, not merely a savings plan.  It offers investment options, allowing participants to select an option or combination of options that best fit their higher education saving needs and investment philosophy.  Options vary depending on the age of the beneficiary and the participant's tolerance for risk.

For more information about CHET, visit www.aboutchet.com or call the customer service center at (866) 314-3939. Find us on Facebook (facebook.com/CHETcollegesavings) or follow us on Twitter (@CHET529).

Contact: Samaia Hernandez
Office of Governor Dannel P. Malloy
[email protected]
860-524-7314 (office)
860-770-8298 (cell)

Contact: David Barrett
Office of State Treasurer Denise L. Nappier
[email protected]
860-702-3164 (office)
860-539-7275 (cell)

SOURCE CHET

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...