The Board shall appoint a President of the Fund. The President of the Fund shall be an employee of the Fund. Except as provided in paragraph (2) of this subsection, employees of the Fund are special appointments. A classified employee of the Fund hired before July 1, 1990 in a nonprofessional or nontechnical position shall remain a member of the classified service or its equivalent in the State Personnel Management System as long as the employee remains in a nonprofessional or nontechnical position with the Fund. The Board shall set compensation for its employees. Except as otherwise provided in this subtitle, an employee of the Fund is not subject to any law, regulation, or executive order governing State employee compensation, including furloughs, salary reductions, or any other General Fund cost savings measure. This subsection does not apply to the layoff of an employee because of lack of work. An employee of the Fund may not be permanently removed unless: written charges are filed; the employee has an opportunity for a hearing in accordance with Title 10, Subtitle 2 of the State Government Article; and there is cause for removal.