You can create industry standard Retaining ring grooves on your cylindrical model. The light blue faces in the image below represent a Retaining ring groove.
To create a Retaining ring groove:
Select a cylindrical face on a part where you want to place the groove.
By pre-selecting a cylindrical face,
the software determines the diameter for the groove and suggests appropriate
groove sizes.
Click Grooves 
on the SolidWorks Toolbox toolbar, or click Toolbox,
Grooves.
The Grooves dialog box appears.
On the Retaining
Ring Grooves tab, do the following:
Select a standard, a groove type, and an available groove size from the lists on the top left of the tab.
The fields in the Property and Value columns update.
Notice the Selected Diameter is set for you because you selected a cylindrical face in Step 1.
Notice the values for the Groove Diameter (A), Groove Width (B), and Radius (C). See the illustration for descriptions of (A), (B), and (C). (A) is shown in the illustration as a radius instead of a diameter.
Click Create to add the groove.
The groove is cut into the model. A feature appears in the FeatureManager design tree with a name that matches the Description.
To add more grooves, select a new position on the model, then repeat steps 3 and 4.
Click Done to close the dialog box.