Press Coverage October 7, 2026

Supreme Court Signals Support for ‘Meaningful Benchmark’ Standard in Intel 401(k) Case

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Emily D. Zimmer

Emily D. Zimmer, a partner in Troutman Pepper Locke’s Employee Benefits + Executive Compensation Practice Group, was quoted in the October 7, 2026, 401(k) Specialist article, “Supreme Court Signals Support for ‘Meaningful Benchmark’ Standard in Intel 401(k) Case.”

  • “What stood out [Tuesday] was how much common ground the Justices found on the basic meaningful benchmark principle: several, including Justices Kagan, Barrett and Gorsuch, pushed petitioners’ counsel to concede that some kind of comparator with similar aims is necessary when a fiduciary breach claim rests on underperformance,” Emily Zimmer, partner at Troutman Pepper Locke, told 401(k) Specialist. “The real fight at argument wasn’t over whether a benchmark is required, but over how much content the Court should put into the word ‘meaningful.’”
  • …
  • “Justice Kagan and others signaled interest in giving lower courts more concrete guidance rather than a bare yes-or-no ruling, which would be a significant data point for plan sponsors looking for real pleading-stage clarity,” Zimmer added. “For fiduciaries, the exchanges around Intel’s disclosed risk-mitigation objective also underscored how important clearly documented investment rationale is likely to remain, regardless of how the Court ultimately resolves the benchmark question.”
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