1. Short title This Act may be cited as the New Parents Act of 2023 . 2. Parental leave benefits (a) In general Title II of the Social Security Act is amended by inserting after section 218 the following: 219. Parental leave benefits (a) In general Every individual— (1) who has— (A) not less than 8 quarters of coverage, 4 of which are credited to calendar quarters during the calendar year preceding the calendar year in which the 1st month of the benefit period described in subsection (c) occurs; or (B) not less than 12 quarters of coverage; and (2) who has filed an application for a parental leave benefit with respect to a qualified child of the individual, shall be entitled to a parental leave benefit with respect to such qualified child. (b) Benefit amount Such individual’s parental leave benefit shall be an amount equal to the product of— (1) the number of benefit months (not to exceed 3) selected by the individual in the individual’s application for a parental leave benefit, multiplied by (2) an amount equal to the primary insurance amount for the individual that would be determined under section 215 if— (A) the individual had attained age 62 in the first month of the individual’s benefit period