My organization is working on deploying Office 365. It's been a slow process as our Exchange environment has lots of room for improvement. Our users are drowning in PST files, so moving that data to Exchange Online is tedious.
We've recently enabled Teams for our organization and are currently piloting it, with possible plans for expansion. Retention is a big deal for our organization, so configuring those settings quickly became important.
I headed over to https://protection.office.com and went to Data Governance | Retention. I edited our existing policy. But, wait, there were no options for Teams. The Teams retention settings are missing. What was going on?
I ultimately found the answer... a Teams retention policy cannot contain any other products. So, when you want to configure Teams retention, make a new policy that contains no other products.
Lots more helpful on retention for Office 365 here: https://docs.microsoft.com/en-us/office365/securitycompliance/retention-policies?redirectSourcePath=%252fen-us%252farticle%252fOverview-of-retention-policies-5e377752-700d-4870-9b6d-12bfc12d2423
