- Associated Press - Wednesday, March 19, 2014

WATERBURY, Conn. (AP) - Gov. Dannel P. Malloy is selling his proposal to offer families a $250 financial incentive to encourage them to save for college.

Appearing Wednesday at Naugatuck Valley Community College with Treasurer Denise Nappier, Malloy called on state lawmakers to approve his idea of establishing the CHET Baby Scholars Trust. Under his plan, the state would provide $100 to families of Connecticut children who open a tax-advantaged CHET 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 would receive a state match of $150, for a total of $250 in state funds.

The CHET college savings plan has grown from 4,000 accounts in 1999 to more than 100,000 accounts today.

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