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Two A quotes from the FAQs:

• "If you’ve already earned any of the retiring Certifications, your credential remains valid and, on your transcript, until it expires. Retirement does not revoke or invalidate Certifications that were earned."
• "Yes, as long as it’s eligible for renewal and you renew it before the Certification officially retires. Fundamentals Certifications don’t expire."

Technically, both these statements are accurate. However, there's no mention that retired certifications are relegated to the foot of a transcript, and stamped as if they are no longer of any value. Renewal before the retirement date may hardly be worth it. Whatever strategy and vision for the future Microsoft has, fine, but please be fair to folks and their not-so-long-ago achievements.

Seems there's a time-warp in transcript world anyway! Either that or Microsoft are so keen to denigrate retired certifications that they are "Expired" regardless of dates (Certification numbers redacted):