# Before Monday's vote, the parking meter pension ordinance was rewritten: police and fire funds would get $25.1 million each

*An updated version dated Oct. 29 replaces a formula with fixed amounts for the $75 million, and sends future meter profits to the worst-funded pension funds first. Alderpersons also disagree on what those future profits are worth.*

By Chicago Politics · Updated Nov 1, 2026

The ordinance the City Council takes up at Monday's 10 a.m. special meeting is not the one first filed. An updated version, dated Oct. 29 and posted with the Clerk's record for [O2026-0029681](https://www.chicagopolitics.org/matter/O2026-0029681-adding-regarding-ongoing-metered-parking-concession), changes how the $75 million from the parking meter sale would be split among the City's four pension funds, and how future meter money would be divided.

Why it matters: the core question hasn't changed. The ordinance would send the $75 million to the pension funds by Dec. 31, on top of what the City owes, instead of letting Mayor Brandon Johnson's 2027 budget count it toward next year's planned advance pension payment. But the rewrite decides which retirees' funds get the money, now and for decades.

Our earlier stories explained [why the meeting was called](/on-my-block/chicago-special-council-meeting-75-million-parking-meter-pension-payment), [the original text](/on-my-block/chicago-special-council-meeting-parking-meter-pension-ordinance-text-four-funds) and [what to watch](/on-my-block/chicago-special-council-meeting-monday-parking-meter-pension-what-to-watch). This is what's new.

## What changed in the text

We compared the [original](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/bbba97e5-6dfe-4146-94d8-fd9f215c9a96.pdf) with the [updated version](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/2233e36b-3960-4c95-98bd-f9d925612333.pdf).

**The $75 million, in fixed amounts.** The original split the money by each fund's share of the City's required 2026 contribution, a formula. The update names the amounts:

- **Police fund:** $25,125,000
- **Fire fund:** $25,125,000
- **Municipal employees' fund:** $12,375,000
- **Laborers' fund:** $12,375,000

That is 33.5% each to police and fire and 16.5% each to the other two. Interest earned before payment is split the same way.

**Future meter money goes to the worst-funded first.** Under the September sale, the meter company pays the City 5% of its yearly net income and 2% of the price of any future sale. The original sent those payments out by the same contribution formula each year. The update has the Chief Financial Officer rank the four funds by funded ratio, using each fund's latest audited actuarial report. The two least-funded get 33.5% each; the other two get 16.5% each.

**A report to the Council.** Within 30 days of each meter payment, the CFO must report the allocation to the Council, the Comptroller and the Treasurer, and the Comptroller pays the funds within 30 days after that.

**The limits stay.** As before, none of the money can pay the City's required contributions under state law or the "supplemental" advance payments in the City's pension policy. That second ban is what conflicts with the Mayor's budget.

## What our records add

**The sale.** The Council approved the sale to Stonepeak Partners in [SO2026-0025407](https://www.chicagopolitics.org/matter/SO2026-0025407-authorization-approve-ownership-transfer-chicago-parking), 46 to 3, on Sept. 29. That ordinance reserved the money for pensions "as further specified by the City Council," the clause Monday's ordinance relies on.

How each ward voted: [SO2026-0025407](https://www.chicagopolitics.org/matter/SO2026-0025407-authorization-approve-ownership-transfer-chicago-parking)

**How much the future money is worth is disputed.** City officials estimate the 5% profit share at about $367 million over the 57 remaining years, while Ald. Bill Conway (34th) estimates the City would net about $140 million after Stonepeak's interest and depreciation costs, [CBS Chicago reported](https://www.cbsnews.com/chicago/news/chicago-city-council-meeting-use-75-million-parking-meter-lease-transfer/) Sunday.

**Where members stand.** Ald. Timmy Knudsen (43rd) told CBS the money was negotiated as an extra pension payment and should "pay down our pension debt, not plug another budget hole." The meeting was called by Ald. Pat Dowell (3rd), Ald. Nicole Lee (11th) and Ald. Scott Waguespack (32nd). Johnson has said directing the money is the Council's prerogative, the Sun-Times reported last week.

**Status.** Our record lists O2026-0029681 as introduced directly and assigned to the Finance Committee, which Dowell chairs. It has not had a committee hearing.

## What's next

- **Mon., Nov. 2, 10 a.m.:** the [special meeting](https://www.chicagopolitics.org/meeting/481E7A8F-2BD2-F111-A05C-001DD80B58E5), public comment first. We will post the roll call.
- **If it passes:** the ordinance takes effect on passage and publication; the Clerk must print it by Dec. 10, and the $75 million must reach the funds by Dec. 31.
- **Wed., Nov. 4:** budget hearings resume. [How the head tax fight fits in](/on-my-block/pritzker-head-tax-johnson-fair-share-town-hall-council-votes-2027-budget).

*Sources: [Chicago Sun-Times: Special Council meeting could blow $75 million hole in Mayor Johnson's budget](https://chicago.suntimes.com/city-hall/2026/10/27/special-city-council-meeting-stonepeak-partners-chicago-parking-meters-deal-brandon-johnson-budget).*


## Legislation in this story

- [Authorization to approve ownership transfer of Chicago Parking Meters LLC membership interests to Stonepeak Partners LP pursuant to Amended Chicago Metered Parking System Concession Agreement](https://www.chicagopolitics.org/matter/SO2026-0025407-authorization-approve-ownership-transfer-chicago-parking) (SO2026-0025407)

## Sources

1. City Clerk: [SO2026-0025407: Authorization to approve ownership transfer of Chicago Parking Meters LLC membership interests to Stonepeak Partners LP pursuant to Amended Chicago Metered Parking System Concession Agreement](https://chicityclerkelms.chicago.gov/Matter/?matterId=BEA1E2DD-5A54-F111-BEC6-001DD80B0E39)
2. City Clerk: [SO2026-0025407, Miscellaneous: O2026-0025407 Mayoral Letter.pdf](https://occprodstoragev1.blob.core.usgovcloudapi.net/matterattachmentspublic/27bf05b6-f983-410f-9f87-45acd4bd4ebb.pdf)
3. City Clerk: [SO2026-0025407, Exhibits: SO2026-0025407 Ex B-2 Reaffirmation Certificate - Stonepeak.pdf](https://occprodstoragev1.blob.core.usgovcloudapi.net/matterattachmentspublic/30a9db07-6d5f-43ea-a6e2-a9c1952574aa.pdf)
4. City Clerk: [SO2026-0025407, Committee Letter: SO2026-0025407 C.L..pdf](https://occprodstoragev1.blob.core.usgovcloudapi.net/matterattachmentspublic/41e15342-691c-418e-bb61-38e7900e8655.pdf)
5. City Clerk: [SO2026-0025407, Exhibits: SO2026-0025407 Ex A 3rd Amendment to Concession Agreement.pdf](https://occprodstoragev1.blob.core.usgovcloudapi.net/matterattachmentspublic/4ca0f616-37b1-49fc-85e3-605dd979d410.pdf)
6. City of Chicago: [City Council, Sep 29, 2026: meeting video](https://vimeo.com/1230273462)
7. City Clerk: [City Council, Sep 29, 2026: Agenda](https://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/ebd1cf9a-4a01-4c85-913d-81a37bda644c.pdf)
8. City Clerk: [City Council, Sep 29, 2026: Notice](https://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/fafaea1d-99b7-f111-aaac-001dd80fda55.pdf)
9. CBS News: [CBS Chicago reported](https://www.cbsnews.com/chicago/news/chicago-city-council-meeting-use-75-million-parking-meter-lease-transfer/)
10. Chicago Sun-Times: [Chicago Sun-Times: Special Council meeting could blow $75 million hole in Mayor Johnson's budget](https://chicago.suntimes.com/city-hall/2026/10/27/special-city-council-meeting-stonepeak-partners-chicago-parking-meters-deal-brandon-johnson-budget)
11. Chicago Politics: [SO2026-0025407: votes, timeline and summary](https://www.chicagopolitics.org/matter/SO2026-0025407-authorization-approve-ownership-transfer-chicago-parking)
12. Chicago Politics: [City Council, Sep 29, 2026: transcript](https://www.chicagopolitics.org/files/transcripts/1230273462.txt)

On the map: [3rd Ward](https://www.chicagopolitics.org/ward/3), [11th Ward](https://www.chicagopolitics.org/ward/11), [32nd Ward](https://www.chicagopolitics.org/ward/32), [43rd Ward](https://www.chicagopolitics.org/ward/43), [34th Ward](https://www.chicagopolitics.org/ward/34)

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Source: https://www.chicagopolitics.org/on-my-block/parking-meter-75-million-ordinance-updated-fixed-pension-shares-special-meeting · Chicago Politics, an independent tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt