I remember reading a while back that experience you earn with a level 20 character would go towards your new character. This is not happening for me. I'm assuming they took this feature out of the game. Can anyone confirm this?

Of course not.. What would be the point of that?
There would be zero reason to start a new character if that were the case. Also there is an achievement "Time to start a new character" for getting max rank.

They did originally plan to give players the ability to donate excess experience from max level characters to lower level characters, however they seem to have decided against the feature.

Considering just how fast you level up anyways, would you really need experience to transfer over?

Ok. Thanks for the confirmation.