The Collaborative International Dictionary of English v.0.48:

Retraction \Re*trac"tion\ (r[-e]*tr[=a]k"sh[u^]n), n. [Cf. F.
   r['e]traction, L. retractio a drawing back, hesitation.]
   1. The act of retracting, or drawing back; the state of being
      retracted; as, the retraction of a cat's claws.
      [1913 Webster]

   2. The act of withdrawing something advanced, stated,
      claimed, or done; declaration of change of opinion;
      recantation.
      [1913 Webster]

            Other men's insatiable desire of revenge hath wholly
            beguiled both church and state of the benefit of all
            my either retractions or concessions. --Eikon
                                                  Basilike.
      [1913 Webster]

   3. (Physiol.)
      (a) The act of retracting or shortening; as, the
          retraction of a severed muscle; the retraction of a
          sinew.
      (b) The state or condition of a part when drawn back, or
          towards the center of the body.
          [1913 Webster]

WordNet (r) 3.0 (2006):

retraction
    n 1: a disavowal or taking back of a previous assertion [syn:
         retraction, abjuration, recantation]
    2: the act of pulling or holding or drawing a part back; "the
       retraction of the landing gear"; "retraction of the foreskin"

Moby Thesaurus II by Grady Ward, 1.0:

112 Moby Thesaurus words for "retraction":
   abandonment, abjuration, abjurement, abolishment, abolition,
   abrogation, absolute contradiction, annulment, attrition, cancel,
   canceling, cancellation, cassation, cession, contradiction,
   contrary assertion, contravention, controversion, countering,
   countermand, counterorder, crossing, curtailment, cut, cutting,
   decrease, decrement, defeasance, denial, depletion, depreciation,
   derogation, detraction, diminution, dip, disaffirmation,
   disallowance, disavowal, disclaimer, disclamation, disowning,
   disownment, disparagement, dispensation, disposal, disposition,
   disproof, dumping, expatriation, extraction, forgoing, forswearing,
   gainsaying, getting rid of, giving up, impairment, impugnment,
   invalidation, lessening, letting go, nullification, palinode,
   palinody, recall, recantation, recedence, receding, recession,
   reduction, refutation, release, relinquishment, remission, renege,
   reneging, renouncement, renunciation, repeal, repudiation,
   rescinding, rescindment, rescission, resignation, retirement,
   retractation, retractility, retreat, retrenchment, retrocedence,
   reversal, revocation, revoke, revokement, riddance, sacrifice,
   setting aside, shortening, shrinkage, surrender, suspension,
   swearing off, truncation, unsaying, vacation, vacatur, voidance,
   voiding, waiver, waiving, withdrawal, write-off, yielding