The municipality of Lossburgh reported the following information about its pension fund in its CAFR, for the year ended June 30, 2013:
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 is considered the rule of thumb for adequate funding, that holding 15 times net assets to benefits paid is the standard for benefits coverage, and that the ratio of investments to benefits should always be over 1.0. How does Lossburgh’s pension fund compare to these benchmarks? What trends do you observe?