1. Short title This Act may be cited as the Economic Security for New Parents Act . 2. Parental leave benefit payments (a) In general Title II of the Social Security Act ( 42 U.S.C. 401 et seq.) is amended by adding at the end the following new section: 235. Parental leave benefit payments (a) In general Any individual who— (1) qualifies as an eligible parent (as defined in subsection (d)); (2) has filed an application for a parental leave benefit in accordance with paragraph (1) of subsection (c); and (3) has provided the Commissioner with the information described in paragraph (3) of such subsection, shall be entitled, subject to subsection (f), for such a benefit under this section. (b) Benefit amount (1) In general The amount of the parental leave benefit under this section shall be an amount equal to the applicable percentage of the primary insurance amount for the eligible parent (as determined under section 215) for the month preceding the month in which the information described in subsection (c)(3) is received by the Commissioner, as though such parent had attained age 62 in such month. (2) Applicable percentage For purposes of paragraph (1), the applicable percentage shall be— (A) in the case of an eligible parent who takes leave to provide care for a child for a period described in item (aa) of subsection (c)(1)(A)(ii)(II), 150 percent