My LHBS told me that hops should be stored in a cold chamber in a sealed bag with no air. They could last 1-2 years if stored properly. He also told me that they don't really loose AA over the time if stored properly (Not enough to make you recalculate your recipes at least). This information comes from Hops Union which are their main hops supplier. They meet them sometimes and talk about hops and what not and this is the information they told him.
Hops stored in the freezer could suffer from frost bite over the time.
He also said as a confirmation that hops don't really loose their AA if stored properly otherwise he would need to tests his hops (they have a huge amount...) often to recalculate their AA which doesn't really make sense (since they don't and nobody does). Hops are gathered once per year.
Like everything else, we might not be able to take this as "pure gold" but my LHBS is very big and the main supplier of most non huge commercial (BMC) brewery. They are well informed and knows about their stuff.