How would you dtermine a date 2 years into the future and taken to the 1st of
the following month if that date does not occur on the 1st of the month.

For example, hire date is 7/18/08 and I want determine a promotion date that
is 2 years from the hire date. Then because we only give promotions on the
1st day of the month, the example promotion date would be 8/1/10.

What formula would I use to automatically calculate this?

New to date functions.