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(40 ILCS 5/1-101.2)
A person is a "fiduciary" with respect to a
pension fund or retirement system established under this Code to the extent
that the person:
(1) exercises any discretionary authority or
discretionary control respecting management of the pension fund or retirement system, or exercises any authority or control respecting management or disposition of its assets;
(2) renders investment advice or renders advice on
the selection of fiduciaries for a fee or other compensation, direct or indirect, with respect to any moneys or other property of the pension fund or retirement system, or has any authority or responsibility to do so; or
(3) has any discretionary authority or discretionary
responsibility in the administration of the pension fund or retirement system.
(Source: P.A. 96-6, eff. 4-3-09.)