“Covered employer” means an employer that:

1. 1. Employs more than five persons in this State;
2. 2. Has been in business for at least 36 months; and
3. 3. Has not maintained a tax-favored retirement plan for its employees or has not done so in an effective form and operation at any time within the current calendar year or 3 immediately preceding calendar years.

(Added to NRS by 2023, 2805)