Blender->PNG->PSCS5->Blender alpha problem

I have an image I rendered to PNG, brought into Photoshop CS5 (made no changes to transparency), saved, brought back into Blender 2.55, and the alpha channel has changed to something that looks like it is made up of bounding boxes of the various sub parts. I’m wondering if this is a 2.55 bug or a PSCS5 bug. Can anyone verify?

Regards,
John

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I just inserted two images into my post. The top one is the “after” image, what shows up in Blender after going through Photoshop.