{"data":{"id":"us-il/40-ilcs-5-1-101.4","jurisdiction":"us-il","citation":"40 ILCS 5/1-101.4","heading":"Investment adviser.","body":"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:\n(1) is a fiduciary appointed by the board of trustees of the pension fund or retirement system in accordance with Section 1-109.1;\n(2) has the power to manage, acquire, or dispose of any asset of the retirement system or pension fund;\n(3) has acknowledged in writing that he or she is a fiduciary with respect to the pension fund or retirement system; and\n(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.","path":["CHAPTER 40 PENSIONS","Illinois Pension Code."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=638\u0026ChapterID=9\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:20Z","sha256":"307ee344eb626c9afcb820d16fd9470e785145b6bee24280ed050613c1f059e0","source_id":"us-il","stale":false,"prev":"us-il/40-ilcs-5-1-101.3","next":"us-il/40-ilcs-5-1-101.5"},"notice":"GroundRules: Original legal text. Not legal advice."}