A retractable ladder assembly for use in an elevator pit is disclosed. The retractable ladder assembly includes a ladder having spaced-apart parallel stiles coupled together via a plurality of stacked horizontally-disposed rungs. At least one pivot arm having a first end is coupled to the ladder. A second end of the pivot arm is adapted for coupling to a wall in the pit. The ladder assembly further includes a lift assist mechanism having a first end coupled to the ladder, and a second end for coupling to the wall. The lift assist mechanism is operative to assist in manually pivoting the ladder to a retractable state.