A small, obscure federal agency pays its top officials millions of dollars by combining huge six-figure salaries and extremely generous bonuses.
The Tennessee Valley Authority (TVA) President and CEO William Dean Johnson, for example, makes more than $5.3 million, FedSmith reported. Johnson’s pay was 40 percent less than the median pay for comparable utility CEOs.
Four more TVA officials hit seven figures, ranging from $1.5 million to nearly $2.6 million. The bonuses were paid in exchange for TVA’s earnings. (RELATED: The Average Federal Employee Is Compensated $123,160)
TVA is a government corporation created during the New Deal and remains the nation’s largest public utility, serving about 9 million people in parts of Tennessee and surrounding states. Even without the hefty bonuses, TVA executives are still paid generously. Johnson just falls short of a seven-figure salary with $995,000. Three more top officials receive over $500,000, while the next six are paid over $300,000.
TVA employs less than 11,000 workers who average around $87,600 annually, FedSmith reported.
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