(1) Except as provided in subsection (2) of this section, a member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495.
(2) A member of the council who is also a member of the Public Employees Retirement Board is entitled to compensation and expenses as provided in ORS 238.640 (7) and (8).
(3) The council shall select one of its members as chairperson, for a term and with powers and duties necessary for the performance of the functions of the office as the council determines.
(4) A person may not serve as chairperson of the council for more than four years in any 12-year period.