A good alternative is to store the id of the record in the session. Then when you need that data again you'd use a helper to return the data either from memory or from the database. A perfect example is the pattern used in current_user helper methods found in many ruby authentication gems. You could modify this helper to use a cache layer if you find it to be a bottleneck, but I'd leave that as an optimization after the fact.
Issues of having to get the object into a marshaled format that will live happily in a session, there are issues with storage space, stale data and possibly unintentional exposure to confidential data.