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Illinois Compiled Statutes

40 ILCS 5/1-101.2 (2026)

Fiduciary

✓ current as of May 2026
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(40 ILCS 5/1-101.2)
    Sec. 1-101.2. Fiduciary. 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.)

    
Notes of Decisions
Cited in 9 cases, 2008–2019 · leading case: Bd. of Trs. of the City of Harvey Firefighters' Pension Fund v. City of Harvey, 2017 IL App (1st) 153074 (Ill. App. Ct. 2017).
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Bd. of Trs. of the City of Harvey Firefighters' Pension Fund v. City of Harvey, 2017 IL App (1st) 153074 (Ill. App. Ct. 2017). “" 40 ILCS 5/1-101.2(1) - (3) (West 2014). Additionally, the Pension Board argues that sections 16-158.”
People ex rel. Madigan v. Burge, 2014 IL 115635 (Ill. 2014). “” ERISA section 502 provides: “(a) Persons empowered to bring a civil action A civil action may be brought— *** (2) by the Secretary, or by a participant, beneficiary or fiduciary for appropriate relief under section 1109 of this title; 2 These definitions have been amended…”
Sharp v. The Bd. of Trs. of the State Employees' Ret. Sys., 2014 IL App (4th) 130125 (Ill. App. Ct. 2014). “¶ 22 SERS was "created to provide retirement annuities and other benefits for employees of the State of Illinois.”
Sharp v. The Bd. of Trs. of the State Employees' Ret. Sys., 2014 IL App (4th) 130125 (Ill. App. Ct. 2014). “” 40 ILCS 5/14-101 (West 2010). Section 14-102 of the Pension Code provides as follows: “The purpose of [SERS] is to provide an orderly means whereby aged or disabled employees may be retired from active service, without prejudice or hardship, and to enable the employees to…”
Bd. of Trs. of the City of Harvey Firefighters' Pension Fund v. City of Harvey, 2017 IL App (1st) 153074 (Ill. App. Ct. 2018). “” 40 ILCS 5/1-101.2(1)-(3) (West 2014). Additionally, the Pension Board argues that sections 16-158.”
Cronholm v. Bd. of Trs. of the Lockport Fire Prot. Dist. Firefighters' Pension Fund, 2016 IL App (3d) 150122 (Ill. App. Ct. 2016). “The Board is a fiduciary with respect to the pension it manages (40 ILCS 5/1-101.2 (West 2010)) and, therefore, has the authority to manage the pension fund’s payments, including the correction of errors, within 35 days of our final administrative decision.”
People v. Burge, 2014 IL 115635 (Ill. 2014). “2 These definitions have been amended slightly and are now spread across 40 ILCS 5/1-101.2 to 1-101.4 (West 2010).”
Sweeney v. Illinois Mun. Ret. Fund (N.D. Ill. 2019). “Count III alleges that the individual defendants have breached their fiduciary duties under 40 ILCS 5/1-101.2 and 5/1-109 to use the care, skill, prudence and diligence of a similarly situated prudent person when investing the IMRF’s money.”
Fields v. Schaumburg Firefighters' Pension Fund (Ill. App. Ct. 2008). “The board is charged with controlling and managing the pension fund, including any investment expenditures and income and all payments to disabled and retired firefighters, their surviving spouses, and other dependents.”
— 40 ILCS 5/1-101.2(1) — 2 cases
Bd. of Trs. of the City of Harvey Firefighters' Pension Fund v. City of Harvey, 2017 IL App (1st) 153074 (Ill. App. Ct. 2017). “" 40 ILCS 5/1-101.2(1) - (3) (West 2014). Additionally, the Pension Board argues that sections 16-158.”
Bd. of Trs. of the City of Harvey Firefighters' Pension Fund v. City of Harvey, 2017 IL App (1st) 153074 (Ill. App. Ct. 2018). “” 40 ILCS 5/1-101.2(1)-(3) (West 2014). Additionally, the Pension Board argues that sections 16-158.”
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