That setting was introduced in 5.4.1xx. What release are you currently running?
Are you sure that is the correct location? I do not have that option under Job Reporting.
Yes there is a setting on the Job Reporting settings page.
Go to Settings->Job Reporting->Data Retention Policy , and you can set how long you want to keep the Job Reporting data.
Is it possible to set the retention policy for Job Reporting. I have jobs in there from a year ago.