EXPERT RESPONSE
There is an AutoArchive setting in Microsoft Outlook (Tools -> Options -> Other -> AutoArchive) that by default will remove old items from your calendar. Disabling AutoArchive will leave old items on your calendar. I'd recommend once a year that you manually either delete old calendar content or archive it to personal store (.PST file) to reduce mailbox bloat, as calendar items count against your mailbox quota in your Exchange server.
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Related information from SearchExchange.com:
Exchange Admin 101: Outlook's group calendars
Expert Advice: Setting age and size limits on users' Deleted Items folders
Expert Advice: Calendar items disappear from user's folders
Tip: Outlook Journaling: A poor man's archiving tool
Learning Center: A primer on Exchange .PST files
Reference Center: Microsoft Outlook Calendar tips and resources
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