The head of the retirement system is the Board of Trustees. The Board, subject to the limitations of the BERS Rules and Regulations and of law, establishes the policies for the administration and transaction of the business of the system and for the control of funds. The Board of Trustees consists of twenty-four Panel for Educational Policy members, the chancellor and two employee-members elected by the membership. The term of each employee-member is four years beginning the first of January following a regular election. Each employee-member has an alternate, who will serve the duration of the term of office of the elected employee-member in the event of the death, disability, disqualification or withdrawal of the employee-member. Further, in the event of an employee-member’s absence from a meeting of the board or any committee or subcommittee thereof, the respective alternate employee-member possesses all the powers and responsibilities of said employee-member for the duration of the meeting and is counted for quorum purposes. The current board members are: