MARVIN MANDEL, Governor                          427

after the death of such participant (whether accidental or otherwise
and/or whether occurring in the actual performance of duty or
otherwise), subject to such exceptions, conditions, restrictions and
classifications as may be provided by resolution of the Authority.
Such pension system shall be financed or funded by such means
and in such manner as may be determined by the Authority to be
economically feasible. Unless the Authority shall otherwise deter-
mine, no officer or employee of the Authority and no beneficiary or
dependent of any such officer or employee shall be eligible to receive
any pension or retirement or other benefits both from or under any
such such pension system and from or under any pension or retire-
ment system established by an acquired transportation system or
established or provided for by or under the provisions of any collec-
tive bargaining agreement between the Authority and the represent-
atives of its employees.

(d) Whenever the Authority acquires existing transit facilities
from a public or privately owned public utility either in proceeding
by eminent domain or otherwise, the Authority shall assume and
observe all existing labor contracts and pension obligations to the
extent that such contracts are consistent with law. When the Au-
thority acquires an existing transportation system, all employees
(except executive and administrative officers) who are necessary
for the operation thereof by the Authority shall be transferred to and
appointed as employees of the Authority, subject to all the rights and
benefits of this article. These employees shall be given seniority
credit and sick leave, vacation, insurance and pension credits 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 such established sys-
tem. The Authority shall assume the obligations of any transporta-
tion system acquired by it with regard to wages, salaries, hours,
working conditions, sick leave, health and welfare and pension or
retirement provisions for employees. As, and to the extent required
by Federal law, it, IT shall assume the provisions of any collective-
bargaining agreement between such acquired transportation system
and the representatives of its employees. The Authority and the
employees, through their representatives for collective-bargaining
purposes, shall take whatever action may be necessary to have pen-
sion trust funds presently under the joint control of the acquired
transportation system and the participating employees through
their representatives transferred to the trust fund to be established,
maintained and administered jointly by the Authority and the
participating employees through their representati