The present invention is directed to an indexing tool turret assembly and method for operating the same. The indexing tool turret assembly includes a tool turret assembly rotatably supported on the machine tool, an indexing assembly for selectively rotating the tool turret assembly to a desired location. The indexing assembly includes a locking assembly to prevent rotation of the tool turret assembly during operation of either a stationary tool assembly or live tool assembly located on the tool turret assembly. A cushioning bearing assembly is provided for selectively separating the tool turret assembly from the locking mechanism during an indexing operation. The cushioning bearing assembly provides a slight lift to separate the tool turret assembly from the locking mechanism to reduce friction and other potential damages forces between these components.