A bar magnet is dropped vertically, North-pole downwards, such that...

When the magnet is falling above the ring, its North pole approaches the ring. According to Lenz's law, the induced current in the ring will flow in a direction that opposes this approach by creating a North polarity on its upper face. This results in an upward repulsive force on the magnet, making its net downward acceleration $a_1 < g$.

When the magnet has passed through and is just below the ring, its South pole is moving away from the ring downwards. The induced current will now flow to oppose this separation by creating a North polarity on the lower face of the ring to attract the departing South pole. This again results in an upward attractive force on the magnet, making its net downward acceleration $a_2 < g$.

Answer: $a_1 < g$ and $a_2 < g$