The magical incantation is "recalculate"
-recalculate
Allows the expiration date of backups to be changed
based on the specified retention level or you can
specify a new expiration date. When the expiration is
changed according to retention level, the new date is
calculated based on the creation date of the backup
plus the value of the retention level. The expiration
can be changed for a single backup, or for all backups
for a particular client, policy, or schedule type.
bpexpdate: -recalculate
legal values for sched: 0=full,1=differential incr,2=user,3=arch
4=cumulative incr