ORC question - How to update current state using fast formula at CSP level?

Summary:

We have a requirement to update current state at the application by looking at current value and the rehire eligibility flag level.

I looked at sample fast formulas and all of them have a return value of CONDITION_RESULT which has a Yes or No value. But how do I return a specific value for desired state via fast formula. Appreciate any inputs you can provide.

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code excerpt:

IF (l_phase_code = ('XYZ') OR l_phase_code = ('ABC')) and (l_rehire_eligility = 'Y' OR l_rehire_eligility = ' ') THEN