State of Connecticut hired Hartford Financial Services Group as provider for the first state-sponsored adviser-sold 529 plan, confirmed Timothy Benedict, a spokesman for Hartford Financial, in an interview.
The new plan, CHET Advisor, Hartford, is available through financial advisers for Connecticut residents, according to a joint news release from Hartford Financial and Connecticut State Treasurer Denise Nappier.
TIAA-CREF will continue to manage the Connecticut Higher Education Trust, a direct-sold 529 plan initiated in 1998, the news release said.
An RFP was issued in spring 2009, said Christine Shaw, director of government relations for the state treasurer’s office, in an interview. She said the program, which took effect Monday, operates on a seven-year contract with a three-year renewal option.