A tool for use in preloading a bearing includes a plurality of arms pivotable relative to each other and a pin extending from each arm of a plurality of arms. The pin is configured to engage an opening of a plurality of openings in a retaining ring. A resilient member biases the plurality of arms away from each other. A first arm of the plurality of arms includes a cavity. A second arm of the plurality of arms is received in the cavity such that an extending portion of the second arm extends outside the cavity and the second arm is moveable in the cavity.