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No, there is no expiration date on a completed Form I-9 and there is no requirement that a new form be filled out whenever Forms I-9 are revised. Whenever the USCIS releases a new version of the Form I-9, employees do not need to complete the new Form I-9 for current employees when there is already a properly completed Form I-9 on file, unless reverification applies.
The original form that was completed at the time of hire is the form that should be retained throughout employment. The fact that it does not look so good is irrelevant as long as it is legible. In fact, unnecessary verification may violate federal and state anti-discrimination laws.