(1) The board may negotiate and enter into written contracts with the employees of a regional metropolitan transit authority through accredited representatives of such employees or representatives of any labor organization authorized to act for such employees concerning wages, salaries, hours, and general working conditions. All employees of all classes serving any passenger transportation company at the time of its acquisition by such authority shall continue in their respective positions and at their respective compensation for three months after any such acquisition. Thereafter, the board shall exercise its discretion as to retention of and compensation of all classes, except that the terms and conditions of any existing collective-bargaining agreement between any passenger transportation company acquired by such authority and its employees shall be recognized and accepted by the board.

(2) Nothing contained in this section shall be construed to amend, alter, modify, or affect in any way whatsoever the provisions of any collective-bargaining agreement or the employment relationship between the authority and any of its officers or other employees, whether or not such employees are members of a collective-bargaining unit, including, but not limited to, the terms of any deferred compensation, pension, or retirement plans.