It sounds like you're not asking a TSM question but rather a generic backup policy question on what kind of retention policies one might follow in practice given file server data.
I think you have a few options to consider..
1. Implement HSM (near line storage). This will leave behind stub files for all files on your file servers. It has very flexible configurable capabilities but essentially it would allow you to move files to less expensive storage like tape for files that aren't accessed as often. The file still appears to be on the server and if accessed, is automatically retrieved by the HSM solution and restored to the server. The user/application just experiences a delay.. Where it stores those files is up to you since TSM is hierarchical in nature and thus could then be disk, tape, optical, worm tape, whatever. I can't recall if HSM will also delete files from the file server given certain prerequisites and the desire to do so.
2. Archive - you could periodically take an archive of the server(s) and store that in any storage pool of your choosing which could again be any kind of media. Archive retention settings are seperate from regular daily backup retention settings. e.g. you may decide you want all data, or even certain types of data (.docs or whatever) archived for 7 years. No problem.. run an archive once a month or however often and archive it under the appropriate arhival retention setting.
3. Backups - TSM has very powerful retention settings that can pretty much accomplish any need you can think of at any level of granularity (by path, file type, etc). Since you can also have TSM automatically run a scipt or command at the beginnign and end of any backup job, you could have a post-backup script that deletes any data of a certain age knowing the TSM server has backed it up.
But as to your original question, I can't sit here and advise you on what your SLA's should be as far as retention goes on your file servers. That depends on your company's requirements and requirements vary from company to company.