A flexible coupling assembly interconnects an output shaft and an input shaft. The flexible coupling assembly includes a first hub operatively coupled to the input shaft for rotation therewith. A second hub is operatively coupled to the output shaft for rotation therewith. A flexible element in the form of a coil spring interconnects the first and second hubs for transferring rotational torque between the first and second hubs while continuously compensating for axial misalignment between the first and second hubs. A retainer is disposed between the flexible element and the first and second hubs for limiting radial deflection of the flexible element during rotation of the flexible coupling. A one-way clutch is operatively coupled between the coil spring and one of the first and second hubs for transferring torque in one rotational direction while allowing the output shaft to decelerate relative to the input shaft in a direction other than the one rotational direction.