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New Parents Act of 2023

Source: Congress.gov  ·  3,296 words in original text
This bill adds a new parental leave benefit to Social Security for parents who have a baby or adopt a child. Parents who qualify can receive monthly payments for up to three months during the year after their child is born or adopted. The bill requires parents to repay the full cost of these benefits later through reductions to their retirement benefits or by increasing their retirement age.
Parents with a qualifying child who have worked enough to earn Social Security credits. The Social Security Commissioner (the official who runs Social Security). Employers who offer parental leave benefits. State and local governments that provide parental or family leave benefits. Adults who plan to apply for Social Security retirement benefits in the future.
* Parents must have earned at least 8 quarters of Social Security coverage (roughly two years of work), with 4 quarters earned in the year before they use this benefit, OR have at least 12 quarters of coverage total. (Sec. 219(a)) * Parents can choose to receive parental leave payments for up to 3 months during a one-year period after their child is born or adopted. (Sec. 219(b) and (c)) * Parents must repay the full cost of parental leave benefits through deductions from their future retirement benefits, not to exceed the first 60 monthly retirement payments, OR by increasing their retirement age. (Sec. 219(f)) * The Social Security Commissioner must prevent fraud by requiring proof that the person applying is actually the parent of the child. (Sec. 219(e)) * Parents can apply for this benefit online as soon as practicable after the law takes effect. (Sec. 219(d))
If someone receives parental leave benefits, they will have to repay that money when they start collecting Social Security retirement benefits. Their monthly retirement checks will be reduced for up to 60 months, or they can choose instead to delay when they can start collecting retirement benefits. The bill does not affect any parental leave benefits provided by employers or state governments. Parents must file their application within the calendar year of their child's birth or adoption.
"Qualified child" means a biological or legally adopted child of the parent who will not turn 18 before the benefit period ends and will live with and be cared for by the parent during the benefit period. (Sec. 219(i)) "Benefit period" means the one-year period starting the month after a child is born or adopted. (Sec. 219(c)(4))
The bill takes effect for applications filed after 2023. However, no one can apply for this benefit in any calendar year if Social Security's trust fund is projected to drop below 20 percent of its annual costs.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.