Merit/Raise Member Formula Not Working for All Employees

Summary:

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We have a member formula for Merit/Raise. However, it doesn't seem to be working for all employees on all periods. As an example, here are 5 employees, 2 which merit is not calculating for March - Jun, the others seem to be working correctly.

The MeritMonth is March. FcstYr1 = 2024, FcstYr2 = 2025. All employees started before 2024.

The Merit % for Fcst Yr1 = 0

The Merit % for Fcst Yr2 = 4%

Additionally, the IF statement for forecast year 2 doesn't look right to me, but I can't quite figure out what would be the best way to correct this. The member formula is below. Any assistance is appreciated.