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The metadata expiration is currently not configurable. It is set to 120 days to encourage peer SAML Providers to periodically check and ensure that their local copy is in sync with the metadata currently in force at the OIF Service Provider. In practice, metadata changes are very infrequent (server certificate renewal, end point URL changes) and are done with adequate notice to allow partners to plan for the change.
Please file an ER if your business requirements dictate that the metadata expiration be configurable.