Yes, but they must be redeemed with 90 days of the transfer or they expire.
We combined our accounts in 2009 and have not had anything expire. Perhaps fact that we both have citi accounts with points crediting each month has something to do with non-expiration.
This 50K card has been offered in multiple flavors, with different minimum spending requirements, waiver and non waiver of annual maintenance fee ($125) depending on when offered and whether targeted of general offer.
Read conditions of specific offer to get an idea of churnability.