Lowell McAdam (right) speaks with Ivan Seidenberg (left). (Courtesy: Fortune)

Ex-Verizon CEO Ivan Seidenberg retired last August, but his paycheck never stopped coming.  In fact, he earned more in 2011 than he did for the last two years he worked for the phone company full time.

The Associated Press reports Seidenberg accomplished what others can only dream about — earning $26.4 million and not having to show up for work.  Even better, that represents a major salary increase for the ex-CEO, who had to make do with only $18.1 million in 2010 and a paltry $17.5 million in 2009.

Seidenberg is the highest paid CEO in the telecommunications industry — even though he no longer works for Verizon as its CEO.  AT&T’s Randall Stephenson only earned $18.7 million last year.  Stephenson actually reports for work every day, although disgruntled shareholders may wish he hadn’t.

Seidenberg’s successor walked into the top floor at Verizon headquarters with a special welcoming gift — $10 million in restricted stock. Lowell McAdam earned $23 million in 2011, despite the company’s efforts to cut $20,000 annually from each Verizon employee’s benefit package as the phone company struggles to reduce costs to “remain competitive.”