yes and no, depending on what you mean.
basically the new system is exactly the same as the current system, except right now you see your elo, the same number that is used for matchmaking. in the new system, that number will be hidden and u will see a league and a division and a number of points in that division.
once in a league, you can never drop out of that league, but your elo can still fall, but once you are gold, for example, you will always be gold, even if your elo falls down to silver or bronze. im not exactly sure how it works but it appears to bear a striking resemblance to the starcraft 2 ladder system, except in starcraft 2 you can be demoted leagues.
i guess its just to make players feel better, like as soon as you hit gold, you might think "oh i should stop playing i made it im afraid to lose" but with the new system, you can lose 100 games and still be 0 points in gold.