The 2% in 50 years is a rate, but doesn't imply a design life of 50 years. In looking through one of my books, I find the author refers to 475-year return intervals and 2,475-year return intervals, corresponding to certain lower probabilities, but that doesn't mean anyone is designing for 2,500 year life-span, either.
Also see Table C.1.3.1b in the commentary.