(a) At its first meeting at the beginning of each calendar year, the county board shall elect a president and a vice president from among its members.

(b) (1) The president of the county board is entitled to receive $6,500 annually as compensation and the other members are entitled to receive $5,500 each annually as compensation.

(2) An elected member is entitled to health insurance benefits regularly provided to employees of the board of education under the same terms and conditions extended to other employees of the board of education.