Item is not declared as Record though item has past scheduled occurence date automatically

Hi All,

I have Information Management Policy declared for Content Type.  First Retention stage is, declare item as record when Created Date + 5 days have passed. I have items which are created months back.  So technically these records meet requirement on day first. I ran "Information management policy" timer job. But these items are not yet declared as Records. It shows Scheduled Occurence Date as past date.

Is IMP only applied on the new documents when it comes to declaring record?