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This can happen if one of the employees in your element set has a change of payroll in the retropay period. Say you have an employee who was in ABC Payroll in January, then in February he moved to XYZ payroll. If you run retropay by element for XYZ payroll with an assignment set containing this employee from 01-Jan to 01-Feb, this error can occur
Please also see these docs.
Retropay by Element Errors: APP-PAY-06881: Error ORA-01403: no data found has occurred in table PER_TIME_PERIODS [ID 401208.1]
Information Center: Oracle Core Payroll: RetroPay (All Application Versions) [ID 1513946.2]
Oracle Payroll 'RetroPay' Frequently Asked Questions (FAQ) [ID 1336267.1]