"laurentium3" wrote:
> If the number of years employed is greater than or equal
> to 1, then the contribution is equal to the contribution
> percentage (3%) * $50,000; otherwise, the contribution is $0.

Do you really mean "3% * salary up to 3% * $50,000"?

That seems more consistent with the subject of your posting.
If that is what you mean, then building upon Gary Brown's reply:

=IF(YEARFRAC(hireDate, criterionDate) < 1, 0, 3%*MIN(salary, 50000))

You can use TODAY() in place of criterionDate. But that usually
does fit the HR requirements.