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Getting "Context PAYROLL_TERM_ID wasn't set" Error in Payroll Formula OPS 401K_CALCULATOR_FORMULA

Summary:

I'm receiving the following error when processing payroll:
"Context PAYROLL_TERM_ID wasn't set when used at line 79 of formula OPS 401K_CALCULATOR_FORMULA."

Has anyone encountered this issue before?
What could cause the PAYROLL_TERM_ID context not to be set in this formula?
Are there recommended steps to debug or resolve this in Oracle HCM Cloud?

Thank you for any guidance!

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