Hartford Financial Services Group Inc. will be marketing a new advisor-sold 529 college savings plan in Connecticut.
Hartford Financial, Hartford (NYSE:HIG), has started offering the Connecticut Higher Education Trust (CHET) Advisor program, officials say.
CHET, a state agency, also offers a 529 plan through Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York. The TIAA-CREF program has been sold directly to consumers since 1998.
Hartford says it will support a $100,000 annual scholarship program for Connecticut children.
Like the original TIAA-CREF CHET plan, the new Hartford CHET Advisor plan will offer Connecticut residents a state income tax deduction of $5,000 for an individual and $10,000 for a married couple filing jointly.
- Trevor Thomas