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"