Unwanted transparency in renders

airun

Ever since upgrading to the last two versions on MacOS I've had some issues with rendering. This problem effects anything that has any transparency values. The unintended result is that the transparent assets seem to work almost like a mask.

As a test, a took a scene file on an old version running 4.9.2.70, and what I wanted, which is a PNG with a dark gray background (see image below). If I take that same scene file and load it on a separate Mac running 4.9.4.117, I get the results you see below.

The settings, as far as I can tell are the same, but one difference I've noticed that on the old version the render button is green, while the new version the render button is blue.

Any help would be appreciated.