Encryption is performed using the AES-256 algorithm by a keyset which is generated using the Data Protection API. Keys are stored in %ProgramData%\Indeed Identity\Indeed PAM\Keys folder.
Keys are encrypted using the Windows Data Protection API with binding to a computer. So, any user within a computer can encrypt or decrypt keys. If the Data Protection API encryption keys are not synchronized between the load balancer instances, then the configuration must be re-encrypted, since the instances will have different keys.