Problem in tranny pan 1985 Ford F150 With AOD

So I got this beater and the tranny was slipping so figured I would change fluid and filter, it has the V8 5.0L fuel injected engine. Well anyway I drop the tranny pan which was a little stuck so it came down a little hard, once down I found this bobber looking thing in pan it was white, one end was rounded and the other end was straight it kind of reminds me of a plunger. I am not sure where it goes or is this a sign of a far more serious problem, any help would be greatly appreciated.

Thanks answered my own question
http://www.automotiveforums.com/vbulletin/showthread.php?t=871351&highlight=ford+f150+AOD+tranny+oil+change

Yep, somebody else found one of those not so long and posted a photo of it in this thread (http://www.automotiveforums.com/vbulletin/t752045.html).

That's good that you already found the explanation though. Good luck with the fluid change.