What are confused about?
/rɪˈtɑrd, for 1–3, 5; ˈritɑrd for 4/ Show Spelled Pronunciation [ri-tahrd, for 1–3, 5; ree-tahrd for 4] Show IPA
–verb (used with object)
1. to make slow; delay the development or progress of (an action, process, etc.); hinder or impede.
–verb (used without object)
2. to be delayed.
3. a slowing down, diminution, or hindrance, as in a machine.
4. Slang: Disparaging.
a. a mentally retarded person.
b. a person who is stupid, obtuse, or ineffective in some way: a hopeless social retard.
5. Automotive, Machinery. an adjustment made in the setting of the distributor of an internal-combustion engine so that the spark for ignition in each cylinder is generated later in the cycle.
I'm pretty sure he meant to be both disparaging, and convey their ineffectiveness. He did both.
Seems like your dictionary is not very complete. Do you have a link to your source?
Tiki Bar! Woot!
Drinks are plenty, music is fine, and the company is first-rate