It’s tough losing your job. Unfortunately, it’s that much more possible in this economic recession. There are many things to do when you get laid off; one of them is deciding what to do with your 401k. When you are laid off, you have the choice of leaving the 401k funds in your current plan, cashing out the plan or rolling the funds over into another qualified retirement account. Your employer will likely give you a packet with all of the necessary information to properly manage your options.