A person is an “investment adviser”, “investment advisor”, or “investment manager” with respect to a pension fund or retirement system established under this Code if the person:
        (1) is a fiduciary appointed by the board of trustees
    
of the pension fund or retirement system in accordance with Section 1-109.1;
        (2) has the power to manage, acquire, or dispose of
    
any asset of the retirement system or pension fund;
        (3) has acknowledged in writing that he or she is a
    
fiduciary with respect to the pension fund or retirement system; and
        (4) is at least one of the following: (i) registered
    
as an investment adviser under the federal Investment Advisers Act of 1940 (15 U.S.C. §§ 80b-1, et seq.); (ii) registered as an investment adviser under the Illinois Securities Law of 1953; (iii) a bank, as defined in the Investment Advisers Act of 1940; or (iv) an insurance company authorized to transact business in this State.

Terms Used In Illinois Compiled Statutes 40 ILCS 5/1-101.4

  • Fiduciary: A trustee, executor, or administrator.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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