(a) (1) If the Administration acquires an existing transportation system, all employees of the system who are necessary for its operation by the Administration, except executive and administrative officers, shall be transferred to and employed by the Administration, subject to all the rights and benefits of this title.
(2) These employees shall be given credit for seniority, sick leave, vacation, insurance, and pension benefits in accordance with the records or labor agreements from the acquired transportation system. Members and beneficiaries of any pension or retirement system or other benefits established by the acquired transportation system shall continue to have rights, privileges, benefits, obligations, and status with respect to the established system.
(b) As to any transportation system that the Administration acquires, the Administration shall assume the obligations of the system as to wages, salaries, hours, working conditions, sick leave, and health, welfare, pension, and retirement provisions for employees.
(c) The Administration shall assume any collective bargaining agreement between an acquired transportation system and the authorized representative of its employees.
(d) The Administration and the transferred employees, through their authorized representative, shall do whatever is necessary to have pension trust funds under the joint control of the acquired transportation system and the participating employees or their authorized representative transferred to the trust fund to be established, maintained, and administered jointly by the Administration and the participating employees through their authorized representative.
(e) An employee of an acquired transportation system who is transferred to a position with the Administration may not be placed, by reason of the transfer, in any worse position than that which he enjoyed as an employee of the acquired system with respect to workers’ compensation, pension, seniority, wages, sick leave, vacation, health and welfare insurance, or any other benefits.