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2nd Gen Ram Tech1994-2001 Rams: This section is for TECHNICAL discussions only, that involve the 1994 through 2001 Rams. For any non-tech discussions, please direct your attention to the "General discussion/NON-tech" sub sections.
I'm sure it does have a purpose. If it is part of a retaining/snap ring there is a much larger part of it still doing its job, but for how much longer? I wouldn't drive it any more than I had to before having it checked out.
search on here.....a guy had a ram and durango and his was a piece of his overdrive snapring......comments said that it was no big in the immediate future, but might as well start saving $