I've known brothers who have had beards and maintained their privileges and some others who were taken to the back room and basically told to shave or else. I've never known a current elder or ms to have a beard. I'm sure some on the board have more experience with that than I do.
It all depends on the local elders and what the CO says when he comes around.
In all the experiences I've had though I have noticed that those with beards are viewed as somewhat rebellious or pushing the edge. Even if they kept their privileges.