Effective July 1, 2024, positions under the Funding Agreement, which is a contractual arrangement between CHET and TIAA-CREF Life Insurance Company (TIAA Life), for the TIAA-CREF Life Principal Plus Interest Option have an effective annual interest rate of 3.00% and pursuant to the the Funding Agreement, are guaranteed to earn this rate through June 30, 2025, subject to the claims-paying ability of TIAA-CREF Life. The terms and conditions of the TIAA PPIO product are governed by the Funding Agreement.