What is the best course of action for a terminating, 1 participant MPP

[Guest Malou]

The situation involves a Money Purchase Pension plan sponsored by a non-profit entity. The non-profit entity is no longer operation. In the last years of its life, there was only one employee and one participant in the plan. (At most, there had been two participants in the plan.) The plan year end is 3/31. The last 5500 form that was submitted was for plan year ending 3/31/97. The intention is to terminate the plan at this time. Should the 5500 forms be filed, potentially causing late penalties? Or should the plan be terminated with no further filings with the IRS?