Sounds like it's being reformatted so Generation 1 is still the 1940s to mid 1950s, but Generation 2 starts "XX years ago", rather than picking up immediately after Generation 1.
That's a lot more sustainable than suddenly making the Justice League a group of 80 year olds, though it does undermine the core gimmick of the whole thing. Ultimately, it sounds like they're shifting to something that can work in the long-run, rather than something that will have to be undone again two years from now, causing even more continuity headaches.
I wonder if Generation 5 will still be "the present" or if they'll reformat it to be "XX years from now".