The cam has a couple bushings in each end for the advance rod to ride in. The outside bushing should have grooves cut into it's I.D. .....
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They are there to retain grease and provide a reservoir of lube for the advance rod. Clean any old hardened grease out and pack them with fresh stuff. The factory shop manual recommends a moly grease of some sort .....
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The manuals make no mention of it but servicing (cleaning and lubing) the advance rod and it's bushings is a required maintenance task. Do it as shown above and it will last a long, long time, a good 5 years at least.