An electromagnetic actuator 10 is provided and includes an upper electromagnet 12, a lower electromagnet 14 spaced from the upper electromagnet and an armature 16 mounted for movement between the upper and lower electromagnets. Shaft structure 20 is operatively associated with the armature for movement therewith. A gas exchange valve 30 is operated by the armature. At least one bushing 24 supports the shaft structure. A metering valve 38 and port structure 60 are provided in the actuator and are constructed and arranged to communicate hydraulic fluid from a source thereof with the at least one bushing and with the armature to cool the armature. The metering valve is preferably associated with a hydraulic lash adjuster 40 which is constructed and arranged to provide hydraulic fluid to the lash adjuster only when the gas exchange valve is in a closed position.