Yes, points expire. Points earned in one calendar year will expire on April 1st of the subsequent calendar year. For example, points earned in 2021 expire 4/1/22. Another example, all points earned in 2022 expire 4/1/23.
Your tier status will remain the same as long as you are meeting the tier requirements.
This points expiration policy is non-negotiable. Membership in this program is considered a privilege, and policies are communicated to members upon signing up.