Yeah...you cut it off and weld a washer back onto the shaft. I believe it's a 1/2" washer that fits. You might have to do come shaving down of the place where the old ring sat...
I'll post a picture later of the one Ren welded for me. I just cut it off then figured the rest out...
Just take the shifter to the hardware store to find a washer that fits correctly.
Then have someone just tack weld it into place to secure the shift boot between (pinches between the knob and washer).