I've never monitored a dial's luminescence over a few year span, but I'm fairly sure that is not true.
Quoted from NL's page...
"The pigments are very stable, with lifetimes conservatively expected to be in excess of 50 years"
To the OP about the necessity of reluming a 111. Factories have gotten much better over the years, so it's not necessary. A relume will definitely be an improvement over stock, but not always by a lot. I do not know the factories process, but I apply a white nonluminous base coat. That not only helps with brightness but also creates a whiter day look. And then a very thick (high pigment to binder ratio) is how I prep. I do use an ultra fine pigment whenever possible, so that does mean the glow will be slightly less, another reason I up the ratio, to compensate as much as possible... but the finished product is far nicer looking than the gritty standard pigment.