The Connecticut Higher Education Trust 529 College Savings Program

Sponsored by the state of Connecticut and managed by Fidelity

Welcome to Fidelity


Your new Fidelity CHET 529 account

On Monday, February 8, all CHET 529 plan accounts automatically moved from TIAA to Fidelity Investments. You were mailed a new account letter from Fidelity which contains important information about your account such as account number and beneficiary. If you have multiple accounts, then you were mailed a letter for each account. Keep your letter(s) on hand for the activation process. Your account number(s) at Fidelity are different from the account number(s) you had at TIAA.

Get started

Activate your new Fidelity CHET 529 account today. Follow these steps:

Trust accounts, refer to these instructions.

New to Fidelity?

  1. Set up your online access.
  2. Click on the "Account balances" link from the "Welcome to Fidelity" screen.
  3. If you own one CHET account, you will automatically be directed to activate the account. Follow the instructions.

    If you own more than one CHET account, select the "Activate" link next to one of your CHET accounts. Follow the instructions. Repeat these steps for your remaining accounts.

Existing Fidelity customers

  1. Visit your All Accounts summary pageLog In Required.
  2. Select the "Activate" link next to your new CHET account. Follow the instructions.

    If you own more than one CHET account, repeat these steps for your remaining accounts.

Next steps

  • Once your account is activated, you can set up features like automatic contributions (from a checking or savings account, for example) and our online gifting service.
  • If you currently make regular contributions through direct deposit from your employer, you'll need to update your instructions with your new Fidelity account number.
  • For easy access to set up these features and manage your account, visit your All Accounts summary pageLog In Required. Your CHET account(s) will be listed under Education Accounts on the left side of the page. Click into your account and refer to the "I Want to..." card.
  • If you have multiple accounts and are unsure which beneficiary is associated with each account, please refer to the new account letters you received in the mail which has the account number and beneficiary information.

Account statements and tax forms

  • December year end statements were mailed by TIAA the first week of January.
  • 1099Q forms were mailed by TIAA the last week of January.
  • Closeout statements (activity from 1/1/2021-2/5/2021) were mailed by TIAA February 12.

Due to postal delays please allow 4-6 weeks for receipt of all statements and forms. If you need duplicate copies, please contact Fidelity at 888-799-CHET (2438).

About plan investments

At Fidelity, we have a long history of providing our clients with a wide range of high quality products at a great value. The CHET 529 offering reflects our ongoing commitment to delivering exceptional value.


Your assets are invested in the Fidelity portfolio that most closely aligns with your prior investment goals. For example, those whose accounts were invested in TIAA's Age Band 0-4 portfolio would have been mapped to Fidelity's 2036 Blend Fund.


checklist This guide provides information about CHET Program investment options, transition mapping, performance details, fees and more.


Performance

View information on the funds' short-term performance since inception date of February 2, 2021 (when the funds were established at Fidelity), or average annual total returns by month or by quarter. Portfolio composition information can currently be viewed in the plan Fact Kit (PDF). Composition of the portfolio including underlying fund(s) and asset allocations will be available on the web April 15, 2021.

Fees

Fees vary, depending on your investment strategy:
0.50%–0.99% (Fidelity Funds)
0.11%–0.20% (Fidelity Index Funds)
0.40%–0.60% (Fidelity Blend)
0.05%–0.50% (Bank Deposit Portfolio)

Changing investments

Per IRS rules, you can only change current investments twice in a calendar year—or if you change the beneficiary—without incurring taxes. You can change the investment instructions for future deposits at any time. For more information about making changes to current and future investments, read How to change your 529 plan's investment instructions.

The conversion from TIAA did not count towards one of the two IRS-sanctioned exchanges. However, any exchanges taken at TIAA prior to February 5 do count towards the yearly limit.

Learn more about the investment options available for your CHET account.

Standing allocations

If you had standing investment allocations at TIAA, your new allocations will be invested in the Fidelity portfolios that most closely aligns. If you did not have standing investment allocations at TIAA, we have established new ones for you based on your current portfolio allocation. Given that these will be used for all future contributions, please take a moment to review your standing investment allocations and update as needed prior to your next contribution.

TIAA Principal Plus Interest Option (PPIO)

Account owners will no longer be able to add new investments to the TIAA PPIO. Please see our FAQs on the TIAA PPIO that explain your investment alternatives and how existing investments in the TIAA PPIO will be treated.


Frequently asked questions about the CHET 529 plan and Fidelity

Account management

Your account investments

  • Are my assets invested in the same portfolios as they were at TIAA?

    No, your assets are invested in the Fidelity portfolio that most closely aligns with your prior investment goals. For example, those whose accounts were invested in TIAA's Age Band 0-4 portfolio would have been mapped to Fidelity's 2036 Blend Fund.

  • How will future contributions be deposited into my CHET 529 account at Fidelity?

    If you had standing investment allocations at TIAA, your new allocations will be invested in the Fidelity portfolios that most closely aligns.

    If you did not have standing investment allocations at TIAA, we have established new ones for you based on your current portfolio allocation.

    Given that these will be used for all future contributions, please take a moment to review your standing investment allocations and update as needed prior to your next contribution.

CHET programs

  • 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 (1) babies less than a year old or (2) 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.
  • When will I receive my Baby Scholars seed deposit?
    All qualified accounts opened on or after December 1, 2020 will receive their Baby Scholars deposit by April 2021.

About Fidelity

  • Why was Fidelity named the new program manager of the plan?

    State Treasurer Shawn T. Wooden, CHET plan trustee, selected Fidelity to be the new program and investment manager for the CHET plan because of the experience we can provide to help Connecticut families reach their college savings goals.

  • What makes Fidelity's 529 experience different? Why should I keep my CHET 529?

    We're able to provide CHET 529 plan participants with a robust set of guidance tools, educational materials, dedicated college planning representatives, and an extensive array of funds, in addition to over 70 years of deep investing experience. You'll also be able to take advantage of:

    • A variety of flexible investment options: The CHET 529 plan will offer 37 professionally managed investment portfolios, including active, blend, index age-based, static allocation, and individual fund portfolios. With so many available choices, you can build and customize your CHET account in accordance with your personal savings goals.
    • 24-hour account access and customer service: View and manage your account anytime at Fidelity.com. Should you need help, our dedicated customer service representatives are available Monday–Friday from 8 a.m.– 9 p.m. ET.
    • Security & privacy: We leverage the latest technology and encryption to better protect your personal information and financial transactions.
    • Specialized college planning content on Fidelity.com: We cover the college planning journey from opening a 529 through to graduation, so you can plan for, react to, and anticipate the life moments that matter—including those that may impact your finances.
    • Easy college gifting: Friends and family can easily contribute to your 529 account with a customized gifting page and private dashboard that you can edit, send invitations from, track gifts to, and more. We've even got online content to help everyone understand the importance of gifting and tips on how to ask for gifts to your 529 account.
  • Is gifting to a CHET 529 plan account allowed?

    Gifting is both allowed and encouraged. Once you set up a college gifting dashboard on your account, you'll be able to share a link with your friends and family. They won't see any of your personal details, but they’ll be able to gift money electronically to your account. Visit the College gifting page to learn more.

shawn-wooden

An announcement from Connecticut State Treasurer Shawn T. Wooden


Fidelity Investments has been selected as the new program and investment manager for the Connecticut Higher Education Trust (CHET) 529 College Savings Program.

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Questions?

888-799-CHET(2438)
Dedicated college planning associates are
available Monday–Friday from 8 a.m. to 9 p.m. ET.