Sec. 11326. Employee protective arrangements in transactions involving rail
carriers
(a) Except as otherwise provided in this section, when approval is sought
for a transaction under sections 11324 and 11325 of this title, the Board
shall require the rail carrier to provide a fair arrangement at least as protective
of the interests of employees who are affected by the transaction as the terms
imposed under section 5(2)(f) of the Interstate Commerce Act before February
5, 1976, and the terms established under section
24706(c) of this title. Notwithstanding this part, the arrangement may
be made by the rail carrier and the authorized representative of its employees.
The arrangement and the order approving the transaction must require that
the employees of the affected rail carrier will not be in a worse position
related to their employment as a result of the transaction during the 4 years
following the effective date of the final action of the Board (or if an employee
was employed for a lesser period of time by the rail carrier before the action
became effective, for that lesser period).
(b) When approval is sought under sections 11324 and 11325 for a transaction
involving one Class II and one or more Class III rail carriers, there shall
be an arrangement as required under subsection (a) of this section, except
that such arrangement shall be limited to one year of severance pay, which
shall not exceed the amount of earnings from the railroad employment of that
employee during the 12-month period immediately preceding the date on which
the application for approval of such transaction is filed with the Board.
The amount of such severance pay shall be reduced by the amount of earnings
from railroad employment of that employee with the acquiring carrier during
the 12-month period immediately following the effective date of the transaction.
The parties may agree to terms other than as provided in this subsection.
(c) When approval is sought under sections 11324 and 11325 for a transaction
involving only Class III rail carriers, this section shall not apply.