Normal-hearing listeners receive less benefit from momentary dips in the level of a fluctuating masker for speech processed to degrade spectral detail or temporal fine structure (TFS) than for unprocessed speech. This has been interpreted as evidence that the magnitude of the fluctuating-masker benefit (FMB) reflects the ability to resolve spectral detail and TFS. However, the FMB for degraded speech is typically measured at a higher signal-to-noise ratio (SNR) to yield performance similar to normal speech for the baseline (stationary-noise) condition. Because the FMB decreases with increasing SNR, this SNR difference might account for the reduction in FMB for degraded speech. In this study, the FMB for unprocessed and processed (TFS-removed or spectrally smeared) speech was measured in a paradigm that adjusts word-set size, rather than SNR, to equate stationary-noise performance across processing conditions. Compared at the same SNR and percent-correct level (but with different set sizes), processed and unprocessed stimuli yielded a similar FMB for four different fluctuating maskers (speech-modulated noise, one opposite-gender interfering talker, two same-gender interfering talkers, and 16-Hz interrupted noise). These results suggest that, for these maskers, spectral or TFS distortions do not directly impair the ability to benefit from momentary dips in masker level.