In one aspect, a shank assembly for an agricultural implement may include a shank and a tillage point coupled to a distal end of the shank. The tillage point may include a body having first and second retention walls, with the retention walls being spaced apart such that a retention slot is defined directly between the retention walls. In addition, the first retention wall may define an inner cavity that extends from an inner surface of the first retention wall towards an opposed outer surface of the first retention wall. Moreover, the shank assembly may include a retention collar received within the inner cavity and a retention pin configured to be inserted through aligned openings of the tillage point and the shank, as well as though the retention collar, when the distal end of the shank is received within the retention slot.