By: Mark Glennon*   If you think pensions for Illinois and its municipalities are in awful shape and worsening, just wait.   Illinois’ five statewide pensions report their positions annually, as of the end of June. Those reports will come out late this year. Most Chicago area pensions and many other municipalities report as of year end, so their 2015 reports won’t come out for another year. They will be uglier than anything we have seen. Most, almost certainly, will show funding levels deteriorating at an accelerating rate. Here’s why:   • The stock market has leveled off. Since