Disclaimer: I'm not a lawyer.
The GPL and copyright are two different concepts, and need to be treated as such.
The GPL is a license, and dictates how you may use a piece of code for so long as the owner has the right to enforce a license on it - that is, while the code is protected by the owner's copyright. Thus, the GPL never expires, but once copyright expires, the owner no longer has licensing control over the code, and the code could then be re-licensed by any member of the public without the GPL.
By way of illustration, I might create a piece of code, which I then own the copyright on, but I can choose to publish it under a public domain license, which grants anyone the ability to use my code under the authority of my copyright.
Copyright, in the United States, is automatically granted to the creator of an artistic or creative work upon creation of the work. Per Wikipedia, "The [Copyright Term Extension] Act extended these terms to life of the author plus 70 years and for works of corporate authorship to 120 years after creation or 95 years after publication, whichever endpoint is earlier.", so yes, copyright can last up to 120 years in the case of code under corporate authorship. Wikipedia has a full list of changes to the term of copyright in the United States.