A turbocharger includes a two-piece thrust collar that includes inner and outer portions disposed around a rotatable shaft. The inner portion is engaged with a bushing disposed in and connected to the center housing by a retainer. The outer portion is disposed adjacent the inner portion along the rotatable shaft and connected to the rotatable shaft such that it rotates therewith. The outer portion forms an annular channel that extends in a radial direction relative to the rotatable shaft and peripherally around the shaft. An oil deflector is connected to the compressor back-plate and includes a base flange and a raised portion disposed at least partially over the annular channel.