Governor Malloy, Treasurer Nappier Announce CHET Baby Scholars Program

Connecticut Governor Malloy and Treasurer Nappier recently announced the launch of the CHET Baby Scholars program through the CHET 529 College Savings Plan. The Connecticut 529, managed by TIAA-CREF, helps families save money for their child's college education.

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. CHET, which is the Connecticut 529 college savings plan that is managed by TIAA-CREF Tuition Financing Inc., helps families save for future college costs. Investment earnings in Connecticut 529 plans are exempt from state and federal taxes if used for qualified educational expenses.

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,” Governor Malloy said. “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,” Treasurer Nappier said. “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.”