Has anyone been part of an acquisition? How are things like compensation structure and benefits handled? Do they normally do some sort of grandfather process?

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My old firm was acquired effective at the start of a new year. They moved us to the new company’s benefits effective 1/1 but didn’t actually let us enroll until some time in February (bit of a cluster for anyone that actually had to use their insurance in January). Compensation remained the same except for a technology allowance that was grossed out as part of our salary under the new company.

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Depends on the terms of the deal negotiated sometimes or the company's long-term roadmap. I was part of an acquisition where they announced certain things would be grandfathered. Then a few years later those things were actually phased out completely and grandfathered people were affected. I'd bet money that was the plan all along but they do things in waves and agree on years-long timelines. They agree to communicate to employees a certain way up front to get the most agreement and least amount of ill will. Ultimately the goal of the new owner is streamline/unify/simplify 100% of the time, just depends on the time they're willing to take to do it.
I've also seen some recent acquisitions where the owner lets the group keep operating as they were for a while while they do real due diligence and analysis now that they have full access, then they lay out an integration plan and start the process of change.
Also, I know someone who bought a company once (private business) and he said they told everyone it would take 7-10 years for everything to be completely finished with the transaction but they knew it would only take 3 years. The idea is to give people time and not create panic, and the people that don't like it will probably be gone in 3 years anyways.

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