OSHA doesn’t specify a time period for updating your chemical inventory but it must be kept current. A best practice is to update the inventory whenever conditions in the workplace change. For example, if a chemical is added or removed from the workplace, then the employer should update the list and revise the written HazCom program and SDS file(s) accordingly.
For the purposes of 1910.1020, Access to employee exposure and medical records, an employer must keep a record of hazardous chemicals employees may have been exposed to for at least thirty years. The record must include the product identifier, where it was used, and when it was used; the SDS could be part of that record. See 1910.1020(d)(1)(ii)(B).