On the one hand, that is a good thing. I've had more than my share of borderline senile and/or crabby-old-man COs who were pushing, or were over, age 80.
On the other hand, it seems rather heartless. Many of these guys have probably been in "full time service" for 30, 40, or even 50 years. They'll have little or no pension, a miniscule amount from Social Security, and I'm not even sure if they will be covered by Medicare if they haven't paid into it. And they certainly can't be hired for anything more strenuous than Wal-Mart greeter.
Overall, I'd put this in the "heartless bastards" category. Most or all of those COs were probably counting on continuing until death - now they are faced with the prospect of 10, 15, 20 or more years, dependent on the mercy and charity of whatever podunk congregation they are assigned to.