Decompressor cam operation

2006 rancher 350. Doing cam chain replacement, was attempting to check decompressor cam operation as show in manual. When pushing on the one side (over the little spring) the decompressor cam moves over but does not lock in place. The only moveable parts I can see are the spring (1) and the decompressor cam. The outside bearing (little one) was loose-could remove it with finger pressure-not sure what means or is meaningful. Any idea what the problem could be and possible solutions. Thanks

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