Aeroboero,
Sorry this is not true. There are some old F/O's, at age between 42-50, because they were employees working as F/E's and instructors at Varig FTC and Varig gave a great opportunity to them to assign for a new position. Today, unfortunately, they need to spend some years before getting a promotion and likely some will retire before it. But it's not usual.
Last but not least: 1- There'll be an examination for new F/O's, shortly. 2- A new seniority list for pilots from Varig, Rio-Sul and Nordeste is in preparation.