Bill > S2764

This bill, the New Parents Act of 2021, amends the Social Security Act to make parental leave benefits available to parents following the birth or adoption of a child. The key provisions include: 1. Establishing a new "parental leave benefit" program that provides eligible individuals with a monthly payment for up to 3 months, equal to their primary insurance amount under Social Security. To be eligible, individuals must have at least 8 quarters of Social Security coverage, with 4 in the year prior. 2. Requiring individuals who receive the parental leave benefit to repay the full cost through reductions to their future Social Security retirement benefits, either through a deduction from the first 60 monthly payments or by increasing their retirement age. 3. Allowing states to provide additional paid parental or family leave benefits without preempting the federal program, and allowing employers to provide greater benefits than those established under the Act. 4. Prohibiting the parental leave benefit program from being used if the Social Security trust fund ratio is projected to fall below 20 percent in the current or following year.