If the boss says ´he´s out, then he´s out. That is, he is demoted.

Being "retired" in the Mafia is not the usual way of being retired like when a plumber, banker, salesman, barber or whoever in the legitimate world is being retired. A made guy being retired is still in the mob. He is inactive, but still considered a made guy, still considered a member. So he is still available and can be called upon for tasks. He may not participate in weekly crew meetings or report to his captain or kick up money. But if his captain thinks the retired member is useful for something, the retired member has to oblige.