I don't see the savings.
Study actuarial tables. Ask an insurance agent. Pilots will die quicker if they work to 65.
And why was the law changed? The FAA (Marion Blakey) became convinced that once foreign pilots over 60 flew into our airspace, the government would be subject to judicial scrutiny for age discrimination.
She conveniently forgot that ageism comes under the lowest form of Supreme Court scrutiny (i.e. only needs a "rational basis"), that age limits are accepted in many other professions (firemen, police, etc...) and that this would impact airline safety and she should at least do some quick and dirty safety impact studies.
Then you had the specter of the former Fedex MEC chair flying to Washington and single-handedly getting the over-60 FE's (those over 60 the day the rule changed) back to the front seats. Nobody wanted this - the other airlines, the FAA, the other MEC members. I'm sure a number of your furloughs were caused by him personally.
By the way, a week from today (June 14) is the halfway point for the 5 year period.....