These backup parameters apply to both:

Again, backups from the past 8 days will be available on disk and will not require intervention to restore from the backup system.
Any backups older than 8 days can be restored from the MCOECN backup system as needed, and any nightly backup up to 60 days
old (and a little over for good measure) can be recovered.

Below is a visual representation of the backup retention scheme, with the GREEN being stored directly on disk, and YELLOW being stored in the backup system.