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 Switching jobs? Many employees leaving one employer will withdraw their
401K funds and spend it as if it's a piggy bank and not a retirement account.
Most don't realize that those withdrawals can be taxes up to 45%. Clark suggests
instead that employees complete a trustee-to-trustee transfer of funds into the
new employers 401K plan. Or, if no plan is available, to transfer the funds into
an IRA. This will eliminate any tax issues.

There are a few uncooperative employers out there when it comes to transferring
401K funds to other company funds.  Give your instructions verbally and follow up
with those instructions in a certified mailed letter. Keep a log of any phone calls.
That's your paper trail should funds not be transferred as you direct.
107 votes.