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“Morningstar’s decision to upgrade the CHET Direct plan to a Silver rating is a testament to the hard work our teams have done to help even more students in Connecticut and beyond save for their education,” said Jared Newman, director of 529 college savings at Fidelity Investments. “With the cost of college on the rise, we’re proud to continue working alongside CHET and Treasurer Russell to help families across the state achieve their dreams.”
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The ratings are considered to be an important validator for 529 plans and a measure of overall program management. CHET Direct plans offer investors a variety of strategies based on risk, age, and investment goals. There is no annual fee, and no minimum amount required to open a CHET account.
Funds used for education expenses like tuition, room and board, books, and computer equipment are free from both federal and state taxes. Contributions to CHET accounts are tax deductible for Connecticut income tax purposes up to $5,000 per year for a single filer or $10,000 for those filing jointly.
Connecticut was one of five state plans to earn a ratings upgrade to silver for 2024 and is now one of 14 states with that status. The five states with a gold rating are Alaska, Illinois, Massachusetts, Pennsylvania and Utah. Three of the five were upgraded to gold-rated status in 2024. Thirteen states received a bronze ranking, including three that were downgraded.
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The Morningstar rankings website points out that “Quality investments earn the Connecticut plan an Above Average Process rating.”
“I hope this news encourages more Connecticut families to check CHET out and open an account for the young people in their lives. With strong investment performance and starting early, even small contributions can generate big returns over time,” Russell added.
To open an account or learn more, visit AboutCHET.com.
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