Originally Posted by 67Creek

Nope.

It's not complicated:

• First class privileges are good for 6 months (>40) or 1 year (<40).
• Second class privileges are good for 12 months.
• Third class privileges are good for 2 years (>40) or 5 years (<40).

So, that first year on a first class medical, you use up both your first class and second class privileges. After a year, you're down to third class privileges, regardless of which privileges you started with.