A floating nut retention system includes a nut with a central aperture. An inner retainer plate has an opening which is fixedly aligned with the nut aperture. An outer retainer member is formed of a base plate having an opening and a surface adjacent to a surface of the inner retainer plate. The outer retainer member includes a securing mechanism for retaining the inner retainer plate adjacent to the outer retainer member. The securing mechanism enables the inner retainer plate to float with respect to the outer retainer number, while simultaneously forming a bearing surface for inner retainer plate