You would be correct. Most contract specify when "normal" retirement kicks in. An example would be Age 60 or 25 years, for example.
However, most do not specify a mandatory retirement age, so pilots may work as long as they can maintain qualifications. That's how over 60 pilots managed to return to the F/E panel.
Now, those guys who are still on seniority lists (mostly at FedEx, UPS or other freight operators) may now bid back to their Captain's seats upon the first bid opening.