Looks like you are right, though I'd restate it to "end of the next full calendar year" rather than two years---I did not read it closely enough.
That is not how it works for most others in II. For
individual members, for example:
I'm not sure RCI was that much different. The exchange policies are similar, and in some ways better in II. For most resort systems, RCI penalizes trade power for cancelling as soon as nine months prior to use. II does not provided you are >= 60 days out. RCI does refund part of a getaway, but again only for cancelling far in advance.