Definitely don't pick up the ticket as that would complicate things. Just call AGR and cancel the trip.

However, you have a major time issue here. If she's due to loose those points by the 8th of this month, then you must book the new trip before that or risk the points not being there when you're finally ready to book.

So plan fast!

And if you were thinking that by holding onto the ticket would allow you to exchange it in the future, that won't work. They have to redeposit any "points" for that ticket before they can issue a new ticket. In the past that meant mailing the ticket back to AGR; not sure if the recent changes might allow a regular agent to do that or if that rule still applies. However, with her account now expired, they won't be able to redeposit the points and therefore will be unable to issue a new ticket(s) for your trip.

So again, plan fast!

Or get her to take a short, quickie paid trip to extend the account for another 3 years.