A reciprocating compressor with an improved valve assembly is disclosed. Compressor includes a cylinder block having a cylinder that defines a cylindrical bore extending longitudinally along a bore axis. Cylinder block includes a hollow chamber extending longitudinally along a chamber axis, which is non-intersecting relative to the bore axis. Valve assembly is disposed in hollow chamber. Valve assembly is made up of an axially-stacked arrangement of components extending along chamber axis. The axially-stacked arrangement of components is spaced apart from a wall that forms a perimeter of the cylinder and is thus free from mechanical interference with the perimeter of the cylinder.