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(40 ILCS 5/1-101.4)
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.
(Source: P.A. 90-507, eff. 8-22-97.)