Cutting assembly

A cutting assembly comprising:

• a cutting tool having a shank portion and a cutting portion extending axially from said shank portion, said cutting portion including a closed end and an open end, said closed end being adjacent said shank portion and said open end having a plurality of teeth for cutting a hole in a workpiece and a cavity extending axially from said first end toward said second end and defining a central axis;
• a collet disposed in said cavity for receiving and retaining a slug to be cut by said cutting portion in the workpiece after said cutting portion is withdrawn from the workpiece, said collet including an inner contact surface with at least a portion of said inner contact surface disposed substantially non-parallel to said central axis for guiding the slug therein and a slit extending through said collet for enabling said collet to move between an at-rest position and an expanded position to retain the slug therein;
• and
• a protrusion extending from said cutting portion for retaining said collet in said cavity.

A cutting assembly connectable to a drilling assembly for retaining a slug cut from a workpiece, said cutting assembly comprising:

• a shank portion for engaging the drilling assembly and a cutting portion for interfacing with the workpiece;
• said shank portion and said cutting portion being formed from a single integrally formed piece and aligned along a central axis of rotation, said cutting portion having a cavity with a diameter being defined within said cutting portion along said central axis;
• a collet in said cavity, said collet having an annular configuration with an inner diameter, an outer diameter, and a taper for guiding the slug, said collet including a slit for enabling said collet to move between a constricted position, an at-rest position and an expanded position, said collet moving from said at-rest position to said expanded position to retain the slug as the slug enters said collet;
• a protrusion integrally extending from said cutting portion for reducing the diameter of said cavity;
• wherein said outer diameter of said collet in said constricted position is less than the diameter of the cavity reduced by said protrusion such that said collet bypasses said protrusion for allowing said collet to enter said cavity when said collet is in the constricted position;
• and
• wherein said outer diameter of said collet in said at-rest position is greater than the diameter of said cavity reduced by said protrusion such that said collet is retained in said cavity by said protrusion when said collet is in said at-rest position.