By state statute, the management of the Fire & Police Members' Benefit Investment Fund and the Fire & Police Members' Self-Directed Investment Fund is vested in the Board of Directors of FPPA. Each board member is appointed to serve a four-year staggered term with the exception of the retired police officer or firefighter, who serve for a six-year term. Each of the nine board members are appointed by the Governor and confirmed by the Senate, and are composed of:

• Two members representing Colorado municipal employers;
• One member representing full-time paid firefighters;
• One member representing full-time paid police officers;
• One member who is a retired police officer and who, upon completion of their term, is replaced by a retired firefighter. Thereafter, the appointment of retired officers alternates between a retired police officer and a retired firefighter for each successive six year term;
• One member who is either a member of the Board of Directors of a special district, or is the full-time paid professional manager of a special district to represent special districts having volunteer firefighters;
• One member from the state's financial or business community with experience in investments;
• One member from the state's financial or business community with experience in insurance disability claims; and
• One member of the state's financial or business community experienced in personnel or corporate administration in corporations of over 200 employees.

Specific duties of the Board of Directors include investing and managing the FPPA benefit fund, disbursing money from that fund, setting required contribution levels, and determining the award of disability and survivor benefits. The Board of Directors also appoints an Executive Director who in turn appoints FPPA staff.

In accordance with state law, each meeting's proposed agenda items are posted in the lobby directory of FPPA's offices at least 24 hours in advance.