Similar. We did these in I think first grade and then one of the parents was supposed to hold onto them for however many years.
We were supposed to get them back in like 20 years except you know the logistics of that are insane between people moving, teachers retiring, and a bazillion other things.
The world before 2000 was quaint. Everyone thought youd stay pretty local and community would persist.
Most people do stay pretty local. Community does persist. However there have long been plenty of exceptions. Those exceptions are not things you can know ahead of time.
20 years after first grade is the worst. It is very common to be gone to a college far away at that time, and then return. Also first grade - odds are the kids won't care even if they do get everything back.