; vacancies (1) Terms A member of the Board shall be appointed for a term of 4 years, except that of the members first appointed under subsection (b)— (A) the Chair shall be appointed for a term of 4 years; (B) the members appointed under paragraphs (2) and (3) of subsection (b) shall be appointed for terms of 3 years; and (C) the remaining members shall be appointed for terms of 2 years. (2) Vacancies (A) In general A vacancy on the Board shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment. (B) Term An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. (C) Expiration The term of any member shall not expire before the date on which the member’s successor takes office. (f) Board duties The Board shall— (1) establish policies for— (A) the investment and management of the Fund; and (B) the administration of title I of this Act; (2) hire and set the compensation for the Executive Director; (3) review the performance of investments made for the Fund; (4) review and approve the budget of the Board; and (5) develop evidence-based financial literacy requirements for participants in the Fund, including requirements for financial literacy interventions to occur prior to a participant— (A) taking an early withdrawal from their account at the Fund pursuant to section 106(i); and (B) taking a loan from such account pursuant to section 106(h). (g) Board authorities; investment limitations (1) In general The Board may— (A) adopt, alter, and use a seal; (B) except as provided in paragraph (2), direct the Executive Director to take such action as the Board considers appropriate to carry out the provisions of this Act and the policies of the Board; (C) upon the concurring votes of 4 members, remove the Executive Director from office for good cause shown