It is not suppose to, but with age and wear it will occur. You might do a search over on the ZR1.net registry and there may be an answer for the problem or someone that might chime in to assist. I have the same issue with my '92 ZR-1.
The bolts could be loose. You have to remove the steering wheel and will need a tool to compress the spring and remove the c clip. Dont try to remove the c-clip without the tool. It is a easy job with the correct tools.