They are saying that it will take them 5 years to get to the point where this is true.

If you read the article, you see that in 5 years' time, they expect the average hourly pay for FTEs to be 49 USD. That works out at around 100K/year, plus whatever benefits and pension contributions are made on the employee's behalf. Details aren't in the article and 70K of benefits and pension contributions seems high, but not completely implausible.

What ACTUALLY happens over 5 years is a different question.

Unions will usually negotiate salaries and pay-raises for several years in advance, e.g. $5000 raise every year for 5 years. So by the end of 5 years their average salary+benefits will reach $170,000.