(1) The board will identify a balanced fund to be the default investment fund.

(2) The following assets will be deposited in the default investment fund:

(a) assets initially transferred from the PERS DBRP pursuant to ARM 2.43.1030 on behalf of DCRP participants;

(b) assets transferred from a discontinued, but not replaced, investment option pursuant to ARM 2.43.3503(2); and

(c) assets received without the DCRP participant having selected investment options.

(3) These assets will remain in the default investment fund until the DCRP participant files valid investment directions and redirects assets from the default investment fund to the selected investment option(s).