Conventional Reinforcement Learning (RL) algorithms, typically focused on estimating or maximizing expected returns, face challenges when refining offline pretrained models with online experiences. This paper introduces Generative Actor Critic (GAC), a novel framework that decouples sequential decision-making by reframing \textit{policy evaluation} as learning a generative model of the joint distribution over trajectories and returns, $p(τ, y)$, and \textit{policy improvement} as performing versatile inference on this learned model. To operationalize GAC, we introduce a specific instantiation based on a latent variable model that features continuous latent plan vectors. We develop novel inference strategies for both \textit{exploitation}, by optimizing latent plans to maximize expected returns, and \textit{exploration}, by sampling latent plans conditioned on dynamically adjusted target returns. Experiments on Gym-MuJoCo and Maze2D benchmarks demonstrate GAC's strong offline performance and significantly enhanced offline-to-online improvement compared to state-of-the-art methods, even in absence of step-wise rewards.