Within Retention Standards, use the Record Type view.  Select the blue hyperlink for the Record Type you would like to edit.

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When on the Record Type page, you have the ability to edit the DESCRIPTION, TRIGGER or RECORD TYPE CODE.  

Click the EDIT button on the top right.

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A new pop up window will appear, to make the necessary edits.  While editing a Record Type, you may edit the NAME, DESCRIPTION, RECORD CODE and/or TRIGGER.

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NOTE: All changes you make on this page will affect all Business Functions with this same Record Type, at the bottom of the window you can see the Business Functions that also include this Record Type.