Before any authority may acquire and operate any property of a privately owned mass transportation system, fair and equitable protective arrangements shall be made as determined by the Department of Labor of this State. Such protective arrangements shall include, without being limited thereto, such provisions as may be necessary to accomplish the following objectives:
(1) The preservation of all existing rights, privileges and benefits of all employees of the mass transportation system so taken over by any authority under the then existing collective bargaining agreements between said mass transportation system and the employee thereof no matter how created or established, including the continuation of all pension rights and benefits of all such employees and their beneficiaries.
(2) The continuation of all collective bargaining in any and all situations wherein it existed at the time of such takeover.
(3) The reasonable protection of all individual employees with respect to their employment, including priorities, seniorities and right to advancement.
(4) The assurances of employment of all the employees of such mass transportation system so acquired by any authority, including the priority of employment.
(5) Training and retraining programs of employees and managing personnel.