Disclosed is a method for retrofitting an elevator machine with a thrust bearing, including removing, from a bearing stand, a first cover plate, providing access to an end portion of a motor shaft, securing an extension shaft against the end portion of the motor shaft, securing a thrust bearing housing against or axially offset from the bearing stand, positioning a thrust bearing in the bearing housing, wherein an inner race of the thrust bearing is securely positioned against, and axially fixed to, the extension shaft, and an outer race of the thrust bearing is securely positioned against the bearing housing, and securing a second cover plate to the bearing housing.