Fast Formula snippet to check if element entry exists based on a particular date every year

Summary:

We have an issue where our existing fast formula code doesn't work for fetching element entry on a particular date.

Content (required):

Every year,based on a date,we need to fetch if element entry exists or not on that date.If it exists,we need to pass that value to the balance for pension banding. If element entry doesn't exist on the specified date, even then the element's value is getting passed to the balance which should not happen in this case. Can someone help me in resolving the existing snippet or provide a working fast formula snippet for the same.