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They serve in four year terms. Currently, a president can only serve 2 terms.
A president's term of office is four years, and the same for the vice president.
The president can serve up to eight years, which is two terms. A term is four years. A limit has been set, so our government will not become a dictatorship.
The US President can serve a maximum two full terms. One term is four years. A president who finishes another president's term which has less than two years to go, can still serve two more full terms. Therefore, in theory, it is possible to serve for 10 years in this special case.
The group is called the electoral college and its member are electors.