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Malloy Highlighting His New College Savings Plan

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Governor Dannel Malloy (Courtesy CT-N)

Governor Dannel Malloy (Courtesy CT-N)

NEW HAVEN, Conn. (AP) _ Gov. Dannel P. Malloy is drawing attention to a new law he pushed that creates a financial incentive for Connecticut families who want to save for college tuition.

The CHET Baby Scholars Trust fund recently became law on July 1. The new initiative offers new parents up to $250 for investing in a tax-advantaged college savings account.

Under the program, the state will provide Connecticut families that open a 529 college savings account by their child’s first birthday or within the first year after an adoption. Families that save an additional $150 in the first four years will receive a state match of $150, for a total of $250 in state funds.

Malloy and Treasurer Denise Nappier were scheduled Thursday to officially launch the program at a New Haven event.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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