Described herein is a novel lanyard system for removable pieces connected to and detached from a piece receiver of a power tool. The system includes one or more lanyard assemblies, each with a two ended strap and a retraction system fixed to the tool all in a storage region outside of the tool. In particular, one end of the strap is connected to the piece and the other strap end is connected to one end of the retraction system. The other end of the retraction system is connected to the outside of the tool. The strap is of sufficient length for the retraction system to retract a piece to the storage region outside the tool after disconnection from the piece receiver. It is contemplated that the retraction system includes at least one spring assembly to cause the lanyard system to remain under tension while the piece is mounted in a piece receiver, thereby preventing or at least reducing the strap from interfering with the task at hand, the piece, the piece receiver or tool itself. The retraction system has sufficient tensional force to cause the retraction of a piece to the storage region once released from the work region of the tool.