An actuator assembly for a power tool includes an actuator with a permanent magnet. The actuator is moveable between a first position for a first mode of operation, and a second position for a second mode of operation. A first positioning member is adjacent the first position composed of a ferromagnetic material to attract the permanent magnet. A second positioning member is adjacent the second position and composed of a ferromagnetic material to attract the permanent magnet. An electromagnet may be energized to move the actuator between the first position and the second position. When the electromagnet is not energized and the actuator is in the first position, the actuator is retained in the first position. When the electromagnet is not energized and the actuator is in the second position, the actuator is retained in the second position. When the electromagnet is energized, the actuator moves between the first and second positions.