My vague understanding of the related laws is that as long as the company has a consistent retention policy and is under neither a court order to increase retention nor retaining records for specific incidents as part of policy, that a short retention period is fine.
I expect legal would actually be happy about shorter retention periods since it makes their job easier. HR of course wants infinite retention periods because it gives them a bigger stick, but universally longer retention is not the only way to address those desires.
Your legal and HR departments will be much less enthusiastic about this idea if your org is big enough to have either.