To minorly augment Mark's advice:
Make use of the helpful CLI client commands, in this case:
    Query Mgmtclass -DETail
to reveal full management class information, from the client side.

Yes, altered management class settings affect both Active and Inactive
versions of bound files: the BACKUPS table in the TSM database records
state initiation timestamps, while the bound policy governs termination.
The retention chosen for Inactive versions is typically quite different,
in any case.

          Richard Sims