I clicked the link in Google's email, and it sent me to a page that said what to do (https://support.google.com/analytics/answer/7667196
) . Basically it just said I had to log in to my settings page, click to my data page, then set my desired date expiration setting and click to agree to the terms changes. I followed the steps on that page. Took me under 2 minutes to complete and it seems now my site is in compliance.
Far as I can tell, the only thing that is changing, is now we can set if we want our data to expire or not. It said it automatically expires after 28 day now, but the setting offered a lot of options, including "never expire". I set mine to never expire.