As far as I can gather from Gaius Julius' "The Gallic Wars", a Legion which revolted and was defeated was disbanded, with harsher penalties (including decimation - killing every 10th man to instill fear) at the discretion of the victor. Net result was that the officers responsible for the revolt were generally punished severely, and the individual Legionaries forfeited any accumulated tenure and pensions, having to essentially start over at the bottom to meet their recruitment obligation. For a 20 year veteran, that was close to a "life at hard labor" sentence, while for a new recruit it would have been a mere inconvenience, since they had little time invested to lose.
Julius' threat/offer to disband the 10th Legion and send it home when it rose up in revolt meant that all of its massive accumulated pensions and loot from the lucrative Gallic Wars would have been forfeited to the state. While it would have meant freedom from service in that particular case, it would also have meant returning home penniless. The legion almost unanimously chose to follow him through whatever it took to finish the civil war, and eventually return home either rich or dead.
Julius' threat/offer to disband the 10th Legion and send it home when it rose up in revolt meant that all of its massive accumulated pensions and loot from the lucrative Gallic Wars would have been forfeited to the state. While it would have meant freedom from service in that particular case, it would also have meant returning home penniless. The legion almost unanimously chose to follow him through whatever it took to finish the civil war, and eventually return home either rich or dead.