I saw this posted in another post but though I would add something to it.
I installed a set of the Ruger thumbrest grips on my MK III Target and had the same thing happen. I was a major PITA to fix. I finally ended up installing a piece of hard rubber under the grip to hold the pin in place. I wrote Ruger and explained the problem (too much gap between the grip and the pin). That was about three years ago and I am still awaiting an answer from them.Ski said:If it happens again, check that the hammer pivot pin has not slipped out of the right side of your grip frame. the only thing holding it in place is the left grip stock. I have a MK III target where the left grip had some slop in the location holding in the pivot pin. Once when shooting a steel match, the pivot pin worked its way out of the right side of the frame and I had the exact same issue. Apparently all the parts riding on the pivot pin became out of alignment enough to jam up the magazine...