It translates and it doesn't.
The moment you separate from your command, you will no longer have a clearance. It isn't like a drivers' license that you can swap for another when you move to another state. It just evaporates.
What remains however, is the fact that in order to attain that clearance you had to live a life beyond reproach. So, when they do your background checks (including criminal records, credit history, personal references ... etc.) they won't find anything that will prevent them from granting you their clearance.
Considering that they process tens of thousands of requests for access every year, it is easier that they do them all the same. So, they don't sit around and wait for the federal government to supply them information about a past clearance when they can get all the information they need to give you a new clearance faster on their own.
Basically, you and some pipefitter from the Local are trying to get onto a site together. They are going to use the same process to vet you both. He may actually get his badge before you do, depending on whether his company has their act together, whether his or your references answer the phone, what order your paperwork landed in the in-box, ... etc.
