The Board of Regents shall appoint a Chancellor of the University System of Maryland. The Chancellor is the Chief Executive Officer of the University System of Maryland and the Chief of Staff for the Board. The Chancellor shall: Advise the Board of Regents on systemwide policy; Conduct systemwide planning; Coordinate and arbitrate among the institutions and centers of the University; Assist the institutions in achieving performance goals in accordance with their adopted performance accountability plan; Provide technical assistance to institutions and centers such as legal and financial services; Perform the duties the Board assigns; and See that the policies of the Board are carried out. The Chancellor serves at the pleasure of the Board. The Chancellor is entitled to the compensation established by the Board. The Chancellor may: Have the additional staff provided in the University budget; and Subject to paragraph (2) of this subsection, create any position within the system administration office. The cost of any position, including the cost of any fringe benefits associated with the position, that is created under paragraph (1)(ii) of this subsection shall be paid with existing funds available to the system administration office. Paragraph (1)(ii) of this subsection may not be construed to require any additional State General Fund support. The total number of positions authorized under paragraph (1)(ii) of this subsection shall be limited as specified annually in the State budget bill. Each employee of the Board shall join the Teachers’ Pension System of the State of Maryland or the Employees’ Pension System of the State of Maryland. As an alternative, any employee in a position determined by the Board to be a professional position may join the optional retirement program under Title 30 of the State Personnel and Pensions Article.