It is still possible to transfer more than 50K in a year (similarly to what was allowed in the past). There is a caveat in that now you can only do it once per year. The T&Cs state:
"Once per calendar year and only at time of Reward Redemption a Member may exceed the 50,000 Point maximum into the Rewards Program account of a friend or family member in order to qualify for a specific Reward in accordance with this section."
Rewards Terms & Conditions