Under a recently passed law, the state will contribute up to $250 to college savings accounts established for newborn and adopted children, Gov. Dannel P. Malloy’s office announced.
The CHET Baby Scholars Program is a part of the state-sponsored college savings program, which is administered by TIAA-CREF Tuition Financing Inc. and The Hartford.
Parents with a child born or adopted on or after Jan. 1, 2014, are eligible for the program. The deadline to register is 12 months after the birth or adoption.
The state treasurer will make an initial payment of $100 to the account of those children whose parents enroll. If the parents deposit $150 or more of their own money into the fund by the child’s fourth birthday, the state will kick in another $150.
