This week, Sen. Marco Rubio (R-FL) introduced the New Parents Act. Sen. Mitt Romney (R-Utah) as well as Reps. Dan Crenshaw (R-Texas) and Ann Wagner (R-Mo.) are co-sponsoring the bill which is the same as the Economic Security for New Parents Act that Rubio introduced last Congress. The bill offers new parents the option to pull a portion of their future Social Security benefits to finance paid parental leave for one, two, or three months in exchange for delaying their retirement for several months or receiving reduced Social Security benefit for the first five years after retirement.
Earlier this month, Senators Joni Ernst (R-IA) and Mike Lee (R-UT) introduced a similar proposal, the CRADLE Act. This proposal would allow new parents to receive one, two, or three months of paid leave benefits by giving them the option to delay activating their Social Security benefits for two, four or six months.
As ERIC is developing its Federal Paid Leave principles, please share your feedback on this (and other) proposals with me. In addition, I hope you are joining us for the ERIC Spring Policy Conference on April 3-4 where we will discuss these proposals, as well as others, during our paid leave panel.
Article by Aliya Robinson, Senior Vice President of Retirement Policy