An improved c-ring slip retention system and method for extraction of the c-ring slip are provided. The c-ring slip retention system may use an axially movable support sleeve with a support ring for securing the c-ring slip against a retention lip of the liner hanger body. The disclosed retention system prevents the c-ring slip from being prematurely extracted from a liner hanger body while the liner hanger is lowered through a borehole. The c-ring slip retention system may also include anti-rotation features that prevent the c-ring slip from rotating relative to the liner hanger body. A single actuation of the support sleeve in an axial direction may unlock the c-ring slip from the retention lip, disengage the anti-rotation features, compress the c-ring slip out of the keyed profile, and extract the c-ring slip from the liner hanger body.