Its because you are installing the thrust ring backwards. The thrust ring presses into the black plastic collar. The assembly is then installed with the lip of the thrust ring resting against the steering column bearing.
THIS METHOD IS INCORRECT!!!!!!!!:
What you will then do is simply pull the thrust ring out of the steering column bearing and turn it around. Grease it up and then press it into the plastic collar and install the collar with the thrust ring with the thrust ring towards the steering column bearing. Pm me if you have any questions.