I pulled the flywheel on my mercury f40 efi 3-cyl 2008 today and could see where this retainer ring goes? My guess is that is goes inside the load ring but would like to have that verified.
Images:
https://ibb.co/tLQxBFg
https://ibb.co/f4ZSpcw
https://ibb.co/Lv4wx8H
//P