[DestructionDate] = Calculated (solution is a date)
That is your problem right there, then. You cannot place "N/A" in a date field.
Ray is right. I missed that in your original post. I thought you were just trying to do a Calculated Field in a query, and missed that you were trying to write the results back to a table (which, you cannot store formulas in a table anyway). You would just have your calculated field in a query and use that query for whatever you need, i.e.
Code:
DestructionDate:IIF([RetentionType] = "Permanent", "N/A", DateSerial(Year([RecordFYE])+[Retention Period],Month([RecordFYE]),Day([RecordFYE])))