The municipality of Lossburgh reported the following information about its pension fund in its CAFR, for the year ended June 30, 2015, prior to recent GASB changes:

Net Assets Held in Trust for Pension Benefits: $445,802,812

Total Benefits and Refunds: $50,376,321

Total Investment Income: $43,963,115

Actuarial Value of Assets: $46,032,308

Actuarial Accrued Liability: $62,248,749

For the prior year, Lossburgh reported the following information:

Net Assets Held in Trust for Pension Benefits: $429,307,304

Total Benefits and Refunds: $39,300,575

Total Investment Income: $20,964,785

Actuarial Value of Assets: $43,466,117

Actuarial Accrued Liability: $63,487,932

Calculate the funded ratio, the benefits coverage ratio, and the ratio of investment earnings to benefits for both years. Assume that an 80 percent funded ratio was considered the rule of thumb for adequate funding, that holding 15 times net assets to benefits paid was the standard for benefits coverage and that the ratio of investments to benefits should always be over 1.0.

How did Lossburgh's pension fund compare to these benchmarks? What trends do you observe? Show all work.