noun (n)

• a formal resignation and renunciation of powers(noun.communication)

  Synonym:
  stepping down
  

  source: wordnet30
• the act of abdicating(noun.communication)

  source: wordnet30
• The act of abdicating; the renunciation of a high office, dignity, or trust, by its holder; commonly the voluntary renunciation of sovereign power; as, abdication of the throne, government, power, authority.(noun)

  source: webster1913