The $130 million pension plan of the New York Racing Association, Saratoga Springs, N.Y., is currently underfunded by $45 million and, according to the PBGC, has not made $7 million in contributions through the second quarter as required by the agency. Over the past year, NYRA has missed contributions of $1.1 million and $4.5 million, and will soon owe an additional $1.3 million for the second quarter of this year. The association received a deferral for its contributions to the PBGC and the pension plan is not in default, said William Nader, NYRA spokesman. By Sept. 14, the association "will have made all of the payments necessary for 2004." Gary Pastorius, a PBGC spokesman, confirmed the payment obligations.