Answer
The shear capacity of the ring $F_r$ is determined by the formula $F_r = D t \pi \tau_{ult} / K$, where $t$ is the ring thickness, $D$ is the groove diameter, and $\tau_{ult}$ is the ultimate shear strength of the material. For most spring steels, $\tau_{ult} \approx 0.6 \cdot \sigma_{uts}$. In applications involving high-frequency impact or shock loads, the safety factor $K$ should be increased to at least 3. If $F_r$ is less than the required service load, the ring thickness must be increased, or a multi-turn ring must be specified to distribute the shear over a larger area.