A balancing assembly for a rotating component of a gas turbine engine includes a balance weight configured for insertion into a complimentary balance weight slot in the rotating component. The balance weight has a dovetail shaped cross-section and the balance weight slot has a complimentary dovetail shaped cross-section. A retaining ring configured for installation to the rotating component axially retains the balance weight in the balance weight slot. A method of correcting an imbalance of a rotating assembly includes inserting a balance weight into a balance weight slot in a rotating component of the rotating assembly, and installing a retaining ring at the rotating component to retain the balance weight in the balance weight slot in an axial direction. The balance weight has a dovetail shaped cross section, and the balance weight slot has a complimentary dovetail shaped cross section to retain the balance weight at the balance weight slot.