How to loop through independent value set in rule based fast formula

Summary:

Hi Folks,

We are working on creating custom HCM EXTRACT for ADP workforce now integration.

We have a requirement to pass one output value based the criteria satisfied given below in the screenshot. BEC field is output value. Below value will be stored in value set with some extract DFF Attribute.

Value set look like below.

I am looking for advice on how to implement the logic for this.

Thanks