TVA keeps paying them

Tennessee Valley Authority (TVA), the nation's largest public utility, has apparently paid huge bonuses that were unrelated to the performance of two top executives this year.

From the Daily Journal:

The nation's largest public utility told the SEC on Tuesday that it paid bonuses in the past year of $724,000 to former nuclear chief Karl Singer "without regard to actual performance" after Singer voluntarily resigned his $480,528-a-year job as executive vice president.

Knoxville-based TVA also disclosed that its former head of fossil operations, Joe Bynum, has continued to receive his $413,992-a-year salary since he resigned in June.Bynum, who will officially leave TVA on Jan. 7, also was paid another $401,421 in performance bonuses in fiscal 2007 even though he worked only half of the fiscal
year.

Bynum collected nearly $3 million in deferred retirement benefits in September for funds he has accumulated during more than two decades at the federal utility. Singer walked away with nearly $1.6 million in deferred retirement benefits.

Both executives also will receive full medical coverage from TVA for the next year.

Tupelo, Miss., was the first TVA city.