New Headset Binds (FSA Orbit)

I just built my first BMX Bike and am running into just a couple of problems. I installed the headset according to the instructions that came with the headset, and was sure to grease all of the bearings during the install. I pressed in the cups using a Park Tools headset press, so I am relatively sure that the cups went in straight and are where they need to be. However, when I tighten the 5mm cap bolt on the top, the headset binds. With this headset, there is a split, tapered compression ring, that sits right between the stem and the upper race. The headset binds when this ring is fully pressed in. In order to disassemble the headset, the ring must be popped out with a screwdriver (as stated in the FSA instructions). When I put it all back together again, but DONT tighten the top cap all the way, it works fine but there is a slight bit of play. I have checked and rechecked to be sure that the bearings are installed correctly and they are.