When the district acquires an operating public transportation system, it shall make fair and equitable arrangements to protect the interests of employees and retired employees of the system. Such protective arrangements shall include, but shall not be limited to:
(1) Preservation of rights, privileges and benefits, including continuation of pension rights and payment of benefits, existing under collective bargaining agreements, or otherwise;
(2) Continuation of collective bargaining rights;
(3) Protection of individual employees against a worsening of their positions with respect to their employment; and
(4) Assurance of employment to persons employed by the mass transportation system acquired and priority of reemployment to persons previously employed.