It is a small step up from what they offering back in 2010 when I looked at them briefly. It was $36,000 for San Diego, but it kept you flying for that currency/recency of experience that is so important for many jobs. I went a different path, but I always had a good time flying with these guys and other companies like them (Phoenix Air for one).
Also - I'm not sure exactly how L3 pays, but that $40,000 could be an absolute minimum per year for a certain number of hours (whether you make it or not), but you are paid by the flight hour, so anything flown over that minimum number of hours you are paid in addition; the more you fly, the more you make.
On a side note- it sounds like a similar step up may have led to a mishap over in Germany.
http://rt.com/news/167888-germany-military-jet-collide/
CHECKSIX - Report / GFD
Be careful out there!