This news is a week or two old now, but Air Miles announced that your air miles will expire after 5 years.
This similar to the route Aeroplan went a few years ago with their points program. I imagine they are carrying too many on their books and this will force members of the program to use them up within the time span. So from the point in time the miles were earned you have 5 years to exercise them.
For myself this shouldn’t be an issue as we tend to burn them up at a decent pace, but for those of you sitting on a ton of these, make sure you log in to your account and be aware of when those will expire.
There is a FAQ on expiry that has been posted as well.