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If you are talking about the splined ring around the input shaft, it's for the torque converter stator. The stator is like a second set of fan blades inside the converter that redirect fluid to the blades that turn the input shaft. It greatly increases the efficiency of the torque converter, which is actually a fluid coupling. In order to do it's job, the stator must be held stationary, that's what the splined ring is for. Hope that makes sense. It's not easy to explain.

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Q: Why is there a metal ring on the out side of the torque converter shaft on a Chevy turbo 350 transmission?
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