An adjustment mechanism for adjustably aligning the bushing pin of a hanger bracket to which a lift arm of a lift axle suspension system is secured. The adjustment mechanism may also be used for adjustably aligning the bushing pin of an auxiliary axle which is of the non-lift type. The adjustment mechanism may also be used for adjustably aligning the bushing pin of a primary axle. More particularly, the invention relates to an adjustable alignment mechanism of the type described which includes an improved pointer device which visually indicates the alignment position of the bushing pin. Even more particularly, this invention relates to an improved means for securing the bushing pin in its aligned position.