CHET Announces Winners of 'Get Creative @ Saving for College' Summer Promotion

--Three Connecticut families and their libraries to be recognized by Treasurer Nappier
HARTFORD, Conn., Nov 11, 2009 /PRNewswire via COMTEX/ --

Connecticut State Treasurer Denise L. Nappier, and Connecticut Higher Education Trust (CHET), Connecticut's 529 college savings plan, are proud to announce three state winners of the "Get Creative @ Saving for College" summer promotion.

The Connecticut State Treasurer's Office, CHET, and the Connecticut State Library teamed up in June to sponsor the new summer promotion in libraries across the state. The "Get Creative @ Saving for College" promotion encouraged children to read over the summer by providing incentives for Connecticut children to participate in their local library's summer reading program. More than 2,700 entries were received from across Connecticut spreading awareness of the importance of reading and saving early for college.

The selected state winners are Marguerite Powers of Niantic; Benjamin Therrien of Plantsville; and Mulugeta Pelley of East Windsor. The winning libraries are, respectively, East Lyme Public Library, Southington Public Library and Warehouse Point Library Association. Participants in the CHET "Get Creative @ Saving For College" promotion were Connecticut students of any age through grade eight (2009-2010 school year).

"Reading is critical to every child's success in college. We're pleased to support local libraries with the 'Get Creative @ Saving for College' promotion," said Pam McNulty, Vice President, TIAA-CREF Tuition Financing Inc., Program Manager for CHET. "As children participated in the promotion, we also provided information about CHET to their parents so that Connecticut families learn more about CHET and how it can help families of all backgrounds and income levels plan for future college expenses."

The winning families were selected at random. Each winner will be recognized during a check presentation at his or her winning library. Each of the events will be open to the general public and will include food and fun activities for children to enjoy. CHET representatives will be available to discuss ways to invest for college through programs like the CHET 529 college savings plan.

The parent or guardian of each winning student will receive a check for $1,000 and the library that registered each winning entrant will receive a check for $500 to support future children's programs and initiatives.

For more information about CHET, visit www.aboutchet.com. Applications and other information about the program are also available by calling the customer service center at 866-314-3939.

Anyone with a Social Security number or federal Taxpayer Identification Number can open a CHET account for as little as $25 per Investment Option, regardless of income or state of residence. Account owners can make periodic or regular contributions of $25 or more per Investment Option. Employers can even allow their employees to make these contributions through payroll deduction for as little as $15 per Investment Option. Investors should consult with their financial advisers regarding the tax consequences of investing in CHET if they are not Connecticut taxpayers.

Connecticut taxpayers may deduct from their Connecticut adjusted gross income contributions made to one or more CHET Accounts during the tax year up to these annual contribution deduction limits: (1) $5,000 for an individual who is single, head of household, or married/civil union filing separately; and (2) $10,000 for an individual who is married/civil union filing jointly, or qualifying widow(er) with dependent child. 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. This state income tax deduction was a significant boon to Connecticut families -- especially middle-class families -- striving to achieve a solid future for their children.

TIAA-CREF Tuition Financing, Inc. (TFI), serves as Program Manager for CHET. TFI is part of the TIAA-CREF group of companies. TIAA-CREF has been providing financial services and investment experience for 90 years. Their combined assets under management equate to approximately $402 billion (as of September 30, 2009) and they are best known as the leading provider of retirement services in the academic, research, medical and cultural fields. The CHET program was established in 1997, and has now grown to more than $1.141 billion in assets and now represents more than 87,000 individual accounts (September 30, 2009). Connecticut State Treasurer Denise L. Nappier serves as Trustee of CHET and has been granted the authority to oversee the program.

Before investing in CHET 529 College Savings Plan, you should consider whether the state you or your designated Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in the state's 529 plan.

Consider the investment objectives, risks, charges and expenses before investing in CHET. Please call toll-free 1-888-799-2438 or visit www.aboutchet.com for a Disclosure Booklet containing this information. Read it carefully.

The tax information contained herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services of the Plan. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Non-qualified withdrawals are subject to income taxes and the additional 10% federal tax.

The State of Connecticut, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any Account or guarantee its principal or investment return, except for TIAA-CREF Life Insurance Company's guarantee to the Connecticut Higher Education Trust under the Funding Agreement for the Principal Plus Interest Option. Account value in the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.

SOURCE Connecticut State Treasurer's Office

http://www.aboutchet.com