When using Default Sets for Actions, the checkbox Load Default Values now must be marked in order for the values to load.

1.  When creating a new Action, from the Action menu, select Load defaults from. 
2.  Select the desired default set to be used for the new Action.
3.  Mark the Load Default Values Now checkbox.
4.  Click OK.

Note: After a user marks this checkbox, loads the default and saves the action, the checkbox will remain marked.  This function is user - specific.