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As discussed in the docs it takes the ACL to apply to the item as a parameter. If you want to keep the existing settings you need to start with the ACL that is already there and then add the new ACE to it. Using example 5 from the docs as a starting point.
# Get the existing ACL
$acl = Get-Acl $target
# Create the new entry(ies)
$ace = New-Object -TypeName System.Security.AccessControl.FileSystemAccessRule -ArgumentList "BUILTIN\Administrators", "FullControl", "Allow"
$acl.SetAccessRule($ace)
# Update the target
Set-Acl $target -AclObject $acl