Ok, was trying to get you an answer to your question:

Does it at least renew for the correct year?

So I signed myself up as a new user and then imported a subscription that expired at the end of 2011. Everything was fine. The button for renewing said:

REACTIVATE: YEAR 2013 FOR $40

So I went in and compared my newly imported subscription with one of the subscriptions where the user is prompted to reactivate for a the next year, instead of the current year. It turns out that I messed up by setting expiry dates for all of my imported subscriptions. I went in via phpMyAdmin and reset all of the expiry dates < 2012 to 0000-00-00 00:00:00 and now everyone with expired subscriptions gets REACTIVATE: YEAR 2013.