Aircraft Retirement Question

UPS recently announced the accelerated retirement of it's 727s, 747-100s and 747-200s. Question: do these aircraft require 3 person flight crews?

Is the plan to replace them with aircraft using 2 person flight crews?
 
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Re:

Guest
The older aircraft such as the 727 and 747(100/200) do require a 3-person flight crew: a captain, FO, and FE (Flight Engineer).

The new aircraft are 2-person flight crews.
 
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