If your CHET 529 plan is a trust account, you will not be able to activate your account online. The necessary forms will be mailed to you to complete for activation. You can also download the certification of trust as well as the paper application.
Manage your account
Can I make contributions through direct deposit with my employer? If I do that, will my contributions be made pre-tax?
Yes, if your employer offers direct deposit, you can add your 529 account as a destination account by using the direct deposit form from your employer. Or, you can provide Fidelity's form (PDF) to your employer.
The contributions are not pre-tax but they are deductible from Connecticut adjusted gross income in an amount not to exceed $5,000 for a single return or $10,000 for a joint return for that tax year. These limits apply on an aggregate basis (not a per beneficiary basis) to all contributions made to all CHET accounts during the tax year. Connecticut taxpayers may not claim a deduction for a rollover into a CHET account from a non-CHET account or for a transfer into a CHET account from a Coverdell education savings account.
Is payroll deduction available through Fidelity?
Although payroll deduction is not available, you will have the option to set up direct deposit from your employer or establish automatic contributions from your bank account (e.g., checking or savings account) after you activate your updated CHET account.
If I previously had direct deposit, automatic contributions, or scheduled distributions set up at TIAA, what steps do I need to take now?
After activating your CHET account, you'll need to provide the appropriate third party (bank or employer) with the updated routing number (101205681) and your updated CHET account number.
To set up scheduled distributions to institutions or the beneficiary, learn more about 529 withdrawals.
I had my bank account on file at TIAA. Did this information move to my updated CHET account?
No, however, you will have the ability to add your bank information after activating your updated CHET account.
Can I have part of my 2020 state tax return be deposited as a contribution into my CHET 529 account?
Yes, once your account has been activated at Fidelity, you can visit the CT Department of Revenue website for more information. You'll have to file by mail to take advantage of this option for the 2021 tax year. To establish direct deposit, you'll need your Fidelity direct deposit/direct debit routing numbers and account numbersLog In Required.
If I granted someone authority to view or act on my CHET account at TIAA, what steps do I need to take to grant them authority at Fidelity?
Once you have activated your account at Fidelity, you will need to grant them trading authority or power of attorney. Visit the account access rights overview page for more information and instructions. For advisors looking for access to use Fidelity's platform and/or refer clients, please call 800-735-3756.
What is the CHET Baby Scholars program?
The CHET Baby Scholars program* provides up to $250 for future college costs for Connecticut residents that have babies less than a year old or adopted children before the first anniversary of the adoption. Here's how it works:
- You must have or open a CHET account to be eligible.
- Once you open your account, CHET will automatically deposit $100 into your account.
- If the account is opened with $150 (or more), the full $250 match will be triggered. If you open your account with less than $150, your account will be reviewed on a quarterly basis. Once an additional $150 in contributions is received into the account and before the child turns 4, an additional $150 match will be triggered. Any earnings growth will not be counted toward the $150; the full $150 must be actual contributions.
What is the CHET Advance Scholarship program?
The CHET Advance Scholarship is an annual program offered by the Connecticut State Treasurer's Office to help Connecticut students pay for college.
In 2021, the CHET Advance Scholarship will be revamped in new and exciting ways. Stay tuned for more information on the CHET Advance Scholarship.
Previous recipients of the CHET Advance Scholarship with questions about their award can contact the International Scholarship & Tuition Services (ISTS) Program Support at 855-670-ISTS (4787).
The Connecticut Higher Education Trust (CHET) 529 College Savings Plan - Direct Plan is offered by the Treasurer of the state of Connecticut and managed by Fidelity Investments. If you or the designated beneficiary is not a Connecticut resident, you may want to consider, before investing, whether your state or the beneficiary's home state offers its residents a plan with alternate state tax advantages or other state benefits such as financial aid, scholarship funds and protection from creditors.
Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation.
Please carefully consider the plan's investment objectives, risks, charges, and expenses before investing. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit or view one online. Read it carefully before you invest or send money.
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Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.