B727 ALTDEV ALT OVERSHOT. CLBING TFC.

Narrative

DURING CLBOUT WE WERE ASSIGNED ALT 15000 FT. WE HAD A NEW HIRE PLT ON THE JUMP SEAT OBSERVING. I HAD STARTED TO DISCUSS COMPANY PROCS WITH THE OBSERVER AND THE PNF WAS LISTENING AND ADDING SOME COMMENTS. AT ABOUT 15900 FT THE PNF SUDDENLY SAID 'WE ARE ONLY CLRED TO 15000 FT.' THE PF IMMEDIATELY BEGAN A CORRECTION. I (SO) WAS ON MY FIRST LEG BACK AFTER A 2 MONTH SICK LEAVE; AND WAS A BIT RUSTY. IT WAS A SHORT FLT (APPROX 45 MINS) SO I WAS TRYING TO GET AS MUCH TRAINING IN AS POSSIBLE. THE PF WAS PROBABLY DISTR BY OUR DISCUSSION AND THE PNF WAS PARTICIPATING. THE TRAINING COULD HAVE WAITED FOR AFTER LEVELOFF OR EVEN AFTER ARR IF NECESSARY. THE RTE IS ONE WE FLY ALL THE TIME AND WE ARE NORMALLY CLRED UP TO 17000 FT BY THAT TIME. THE WX WAS CLR AND I THINK WE WERE ALL COMPLACENT. SUPPLEMENTAL INFO FROM ACN 359294: DID NOT REMEMBER ALT WARNING GOING OFF AND DID NOT RECEIVE 1000 FT TO LEVELOFF FROM FO. THOUGHT THAT 17000 FT WAS OUR ALT CLRED TO; THAT 17000 FT WAS GIVEN TO AN ACFT AHEAD OF US.