I work for an IBM business partner and this reply is
based on my best understanding of the current LotusLive Notes feature
set. It's not an official IBM answer.
Archive policies are not supported by either version of LotusLive Notes. See this like for more info on policy support in LotusLive Notes http://www-10.lotus.com/ldd/bhwiki.nsf/dx/Policy_settings_supported_in_a_hybrid_environment_LLN