It turns out that I am using an older version of Carbon that I thought and the new notation is not supported:
Additionally, whisper supports a legacy retention specification for backwards compatibility reasons - seconds-per-datapoint:count-of-datapoints
retentions = 60:1440
60 represents the number of seconds per datapoint, and 1440 represents the number of datapoints to store. This required some unnecessarily complicated math, so although it’s valid, it’s not recommended.
http://graphite.readthedocs.org/en/latest/config-carbon.html
I used this script to validate the config:
https://github.com/graphite-project/carbon/blob/master/bin/validate-storage-schemas.py