A transceiver assembly includes a transceiver module having ribs and a thermal interface member on an outer surface and a receptacle assembly receiving the transceiver module. The receptacle assembly includes a heat sink and a clip coupling the heat sink to a guide frame. The heat sink has a heat sink surface facing the thermal interface member and a step extending from the heat sink surface with a module engagement surface. The ribs ride along the step during insertion into and removal from the receptacle of the transceiver module. When the ribs are longitudinally aligned with and engage the step, the module engagement surface is in an elevated position. When the ribs are longitudinally offset from the step, the module engagement surface is in a recessed position and in direct thermal engagement with the thermal interface member.