Updating recurring renewal date (1st of a month annually)

[Beth]

When a person joins our company I record their actual start date. However, their annual contract renewal date always starts the 1st day of the following month.

I want to be able to record their start date and then have a column showing their next annual renewal date (the first of whatever the following month is) that updates as years go on.

Example) Someone starts on 11/15/2023. I want the renewal column to show 12/1/2024.  Once the present date is past 12/1/2024, I would want that to automatically update to 12/1/2025.

[Sho]

This formula always displays the first day of the month following a certain date.

DATETIME_PARSE(
  DATETIME_FORMAT(
    DATEADD({Date}, 1, "month"),
    "YYYY/MM/1"
  ),
  "YYYY/MM/DD"
)