You cannot do that on Exchange 2010 RTM, but you can have a separate database for Archive folders in Exchange 2010 SP1
Ref:
http://www.shudnow.net/2010/04/07/exchange-2010-sp1-personal-archive-mailboxes-on-separate-databases/How to set retention policy on Archives?> Use Retention Tags
New-RetentionPolicyTag "Tag-FIN-DeletedItems" -Type "DeletedItems" -Comment "Deleted Items are purged in 30 days" -RetentionEnabled $true -AgeLimitForRetention 30 -RetentionAction PermanentlyDelete
http://technet.microsoft.com/en-us/library/dd335174.aspxI'd suggest give this a read @ Message Records Management (MRM), before going ahead and testing this.
http://technet.microsoft.com/en-us/library/bb123548.aspxhth