The public-sector pension crisis could help boost the profile of the only other retirement savings vehicle that governments, schools and public hospitals can rely on to help employees save for retirement: the 403(b) defined contribution plan.

Most in the industry, however, will tell you it's a challenge to serve the 403(b) market, particularly that slice of plans that are not subject to the Employee Retirement Income Security Act. On the flip side, they'll also tell you that the market is ripe with potential.

Participation rates in 401(k) plans hover around 70 percent, while participation rates for 403(b) plans is about 30 percent, said Chris DeGrassi, executive director of the National Tax Sheltered Accounts Association, a professional association that focuses on the non-ERISA market and small governmental and not-for-profit retirement plans.