A bushing assembly for a reciprocating device is provided. The bushing assembly includes a hollow bushing housing, a collet guide member, and an adjuster mechanism. The hollow bushing housing has a substantially cylindrical shape and an angled inner sidewall. The collet guide member is disposed radially inward from and contacts the angled inner sidewall of the hollow bushing housing. The adjuster mechanism contacts a lower surface of the collet guide member and urges the collet guide member along the angled inner sidewall of the hollow bushing housing.