In my tradition, which is Swedish pentecostal, the traditional view is that you are an elder for life. This used to be said with reference to Romans 11:29 ...Gods [...] call are irrevocable (NIV). That is however not very good hermeneutic. That passage refers to the calling of the people of Israel. Maybe you could argue that this also refers to Gods call for every person that belong to him through the faith of Jesus Christ. But you can't say that this speaks about the calling for a certain service in the church.
I would'nt say that there are a good biblical basis to say that you are an elder for life time. But I would say, and that is an personal opinion, that the texts (specially in the pastoral letters) takes the service to be an elder very serious. And it wouldn't be true to the seriousness of this service to let it rotate for every three years or something.