老輩 is read as ろうはい (rouhai) and means the aged.
ろうはい
rouhai
ろうば
old woman
ろうすい
senility
ろうがん
presbyopia
ろうきゅう
infirmity (due to old age)
しにせ
long-established shop
ろうほ
ろうしょう
old pine tree
deterioration (due to age)
ろうじんふくし
welfare for the aged
ろうがんきょう
reading (farsighted) glasses
ろうじんせいはくないしょう
senile cataract
ろうじんしせつ
old folks' home