Basement Concrete Slab Expansion Joints

I have a 32 year old home with a full basement. The floor was poured with the black fiberboard around the perimeter of the basement but has completely rotted away in places. During the May 2010 floods here in TN the pressure of ground water caused water to shoot through these gaps and flood the basement. I need to dig out this old material and reseal all the way around.Do I even need expansion