Treasurer Russell Announces CHET 529 Plan Earns Morningstar’s Highest Rating

11/13/2026

HARTFORD, Connecticut - Connecticut Treasurer Erick Russell today announced that the Connecticut Higher Education Trust (CHET) 529 college savings plan, of which he serves as trustee, has earned a prestigious Gold rating from Morningstar, an investment research company that reviews, rates, and grades 529 plans throughout the United States on an annual basis.

CHET Direct, the managed investment option with over 200,000 account holders, was upgraded from Silver to Gold, Morningstar's highest rating. This marks the second Morningstar upgrade during Treasurer Russell's tenure. Only nine plans nationwide hold a Gold rating. Separately, Forbes previously named CHET Direct the No. 1 529 plan in the United States for 2026.

"This rating is a tremendous affirmation of the work we've done to ensure CHET is a well-managed, reliable resource for Connecticut families saving for their children's futures," said Treasurer Russell. "We know that saving for higher education can feel daunting, but CHET is designed to make that journey more accessible and manageable for families at every income level. I'm proud of the work our team has done to strengthen this program, and I hope this recognition encourages even more Connecticut families to take advantage of CHET and start building toward a young person's future."

Morningstar evaluates a range of criteria including investment performance, oversight, and staff acumen. This year, four plans earned an upgrade to Gold, but CHET distinguished itself by earning a high rating specifically for oversight and investment expertise within the Office of the Treasurer.

According to Morningstar , "California, Georgia, and Michigan's upgrades came largely from their investment manager TIAA earning an upgraded People rating to Above Average... The upgrade of Connecticut's CHET Direct College Savings Plan, on the other hand, was driven by a Parent rating upgrade. Connecticut's Office of the Treasurer earned an upgrade to a High Parent rating based on its strengthened oversight and investment expertise, in addition to its demonstrated proactive stewardship. This plan features a well-staffed investment team at Fidelity and offers high-quality investment options. A few other states offer similar plans managed by Fidelity, but this plan, along with Massachusetts' U.Fund College Investing Plan, stands out with exceptional state oversight and investor advocacy."

The ratings are 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.

About CHET

The Connecticut Higher Education Trust (CHET) direct-sold college savings plan was established in 1997 and has grown to more than $6.7 billion in assets and 202,000 accounts. Over $4 billion has been withdrawn from CHET accounts to help more students pay for college expenses. The State of Connecticut offers CHET to help families save for future higher education costs. Funds deposited into a CHET account have tax advantages and can be used at accredited colleges and universities across the country, including vocational and technical schools, and some colleges abroad. Connecticut residents are allowed to deduct 529 contributions from their state income taxes - up to $5,000 for an individual or up to $10,000 for a married couple filing jointly. Investment earnings are exempt from state and federal taxes if used for qualified educational expenses.

To open an account or learn more, visit AboutCHET.com . Find us on Facebook (facebook.com/CHET529), follow us on Twitter (@CHET529) or on Instagram (@CHET529).

About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut's financial resources through prudent cash and debt management, with the State Treasurer serving as principal fiduciary for six state pension and thirteen state trust funds. Additionally, the Office enhances the state's fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut's social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell. To learn more, visit: Connecticut Office of the Treasurer Erick Russell.

Contact: Brett Cody
[email protected] | (959) 529-2468