As unemployment continues to rise and many struggle to keep their retirement savings on track, Charles Schwab today released new data showing a significant number of 401k assets held by workers who leave their jobs have been left behind in former employers' plans. According to the data taken from plans administered by Schwab, 43 percent of assets held by 401k participants who left their jobs in the first quarter of 2008 had not been moved a year later.

Leaving savings in a previous employer's 401k plan is an option unless the employer requires a distribution, but there are three other options when deciding what to do with 401k savings when leaving a job: roll the money into an IRA, move the money into a new employer's plan, or take the money as a cash distribution.

"We urge people to educate themselves on their options when they leave a job, especially if they expect to be out of work without access to a savings plan at a new job," said Rene Kim, Charles Schwab senior vice president.

According to the Schwab data, 57 percent of assets held by 401k participants who left their job in the first quarter of 2008 had been distributed from former employers' plans by the end of the first quarter 2009. Of those distributed assets,

• 75 percent of assets were rolled over into IRAs,
• 14 percent of assets were taken in cash distributions,
• 7 percent of assets were moved into new employer plans,
• 4 percent of assets were taken in other forms of distributions