How do you Archive?

We do not have an Archive specific folder in the system but if you simply set a project to completed (not deleted), the project will remain in the database and can be referenced. 

You cannot incorporate hours from a deleted or completed Project, there are no roll-up rules that support this. IF the project was still active or open or even on hold, then you could create a custom action/workflow to add hours from one project to another. 

You can also add it as a shortcut to a current project and you will see that the hours from the shortcut project are rolled up into the new, active project.

Is this still the case?  Can a project be archived?  If not, how is it removed from the project hierarchy without deleting it?  I'd like to hide it (not see it), but still have it available if needed if the future.  Thanks

you cannot hide them unless you use filters and sorts to not show completed Projects. you do not want to move them as this will have an affect on your roll up fields sunch as Start/Due Dates, Work, Duration, Budget, etc.