Five years is the generally accepted relacement date. We get a new vest every five years, tracking directly off that logic, although our tactical armor gets replaced as needed, because it tends to get a little more beat up (train hard).
We shot up a very old and abused Level II last year with several dozen rounds each of 9mm from a 10.5" subgun, .40 and .45. One .45 that hit near the edge in a point that had several rior impacts artial enetrated the last layers of kevlar; the unexpanded nose was sticking out of the vest, although it still wouldn't have penetrated into a human body. Armor is probably good for a lot longer than the manufacturer guarantees it for, but having a five year rate allows the manufacturer to get ongoing sales.
Now my current vest, despite frequent cleanings and treatment with Vest-guard, stinks to high heck. I think that should figure in to body armor replacement; if a vest stinks despite reasonable efforts, they should get you get rid of it. I still wear it, of course. I refuse to wear a uniform or do anything enforcement-related without my vest.