That's what is most common. Did you receive a LOR for your PT test? That is usually what happens first as a warning. Then a retape after 3 months. Then an article 15 and demotion for the 4th failure. So hopefully they will take your last passing score an MEB into consideration an just give you an LOR and you'll have 3 months to finish your MEB or lose the weight you need to. And if you do end up getting a demotion, it might change your rank on your new blue ID card when this is all done and said, but I believe your Dod pay is based on the average of your last 3 years of pay. And they can not administratively discharge you with a MEB pending for the PT test...
Did you receive a DoD rating yet?
READ this AFI36-2905, it will put to bed the myth about the demotion, it is illegal to demote an Airmen who is on a MEB status profile.
You are correct and another factual based information for Airmen who are on a current profile and MEB status are excempt from the take the FA. Google and research the following Air Force Instruction, AFI36-2905, Chapter 9. Administrative and Personnel Actions Sections, 9.1.1.1 and 9.1.1.2. It is in black and white. I hope that this information and documented resource is helpful. Make a copy of the AFI36-2905, Chapter 9 and sections that apply and carry it in your pocket at all time to educate your unit and other Airmen.
Crome45
Semper FI