Yep,
that's what it says, all right. I guess some folks don't do an annual or more frequent check of their award accounts, but it is highly recommended.
I also remember getting snail and e-mail, as well as plenty of warnings on the TW website, before that date. And making very, very sure my Aviators 500,000+ miles transferred over, which they did flawlessly.
TWA4Ever, good handle!