A lock nut system includes a nut having a retaining member which includes a slot therein and a protrusion configured to fit within a recess of a shaft. A keeper includes a section receivable within the slot of the retaining member so when the nut is threadably engaged to the shaft to a desired torque the nut the keeper is slideable within the slot of the retaining member to allow the lock nut to be locked into position on the shaft without further rotation or other adjustment of the nut.