Sure this is an example that would be posted in the Admin announcement category by the admin:
Hi everyone, for your information, TL0 and TL1 users can edit their posts for [post edit time limit] minutes.
And the result displayed would be:
Hi everyone, for your information, TL0 and TL1 users can edit their posts for 60 minutes.
Changing this settings would result in a post that would reflect the setting change in the announcement.