The Panama City Firemen's Pension Fund Board is a five-member board. The City Commission appoints two members to serve on the board. The Panama City Fire Department elects two board members. The board then appoints the fifth member. Members serve two-year terms.

The Firemen's Pension Fund Board is responsible for the investment and reinvestment of the assets of the Fund, for determining all claims for retirement benefits, for exercising the sole and exclusive administration of and the proper operation of the Plan. The board performs such actuarial and accounting functions as are required by law and fulfills all other such duties as may be required by law.