Section 40 ILCS 5/1-101.4 - Investment adviserA 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. P.A. 90-507, eff. 8/22/1997.