If a particular value in a list of values is inactivated, the value is not retained when the record is edited. The field appears blank. Historical values should be retained and visable even if they are no longer available for selection.
Currently, defect ARCHER-45998 "Inactive Values List value is not retained in record when record is edited" has been logged, and RSA Engineering states that this behavior is working as expected. However, this does not seem to make sense.