Can they really do this?

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I started working for a coffee shop that is run by the University I attend. As anyone who has ever worked a job like this before, they know how important our tips are. At the end of my first shift, asked a fellow employee, "so how do we split up the tips?" His response was quite shocking. He said that we do not get to keep our tips! Instead, the managers take the tips, and at the end of the semester are going to throw us a pizza party! A @#*% pizza party! And on top of it, if they don't collect enough, we don't even get the party!! I never heard of anything so rediculous. Is this even legal? If anyone is familiar with labor laws and can offer me advice/facts/rules on this situation I would greatly appreciate it. I'm already losing lots of money for two slices of pizza!