A balancing assembly for a rotating component of a gas turbine engine includes a balance pin configured for insertion into an opening in the rotating component, a balance clip configured for installation to the rotating component over the balance pin to retain the balance pin in the opening via exertion of a retention force on the balance pin. A method of correcting an imbalance of a rotating assembly includes inserting a balance pin into a balancing opening in a rotating component of the rotating assembly, and installing a balance clip at the balancing opening over the balance pin to retain the balance pin in the balancing opening via exertion of a retention force by the balance clip on the balance pin.