Sec. 1-101.4. Investment adviser.

158 words·~1 min read·/il/chapter-40/act-5/1-101-4

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Sec. 1-101.4. Investment adviser. 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.