A saw including a base, a trunnion pivotally attached to the base, a pivot arm pivotally attached to the trunnion, a saw assembly supported by the pivot arm, the saw assembly including a motor, a blade driven by the motor, an upper blade guard for covering an upper part of the blade, and at least one of a lower blade guard pivotally attached to the upper blade guard for covering a lower part of the blade and a rear blade guard attached to the upper blade guard, and a fence assembly comprising a fixed fence attached to the base, and a movable fence movably attached to the fixed fence, wherein the movable fence has a stepped portion for limiting lateral movement of the at least one of the lower blade guard and the rear blade guard.