Written By Phil Vivirito

Bond Beebe, Accountants & Advisors

P: 301.272.6090 E: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

An alumni agreement is a participation agreement between an employer and the Fund.  This agreement covers employees that at one time worked with the tools of their trade and were contributed upon by their employer.  Now these employees may have become part of management or moved into another non-covered position, such as moving from an electrician to an estimator.  If the employer has signed an alumni agreement, these employees will have to be reported.  The payroll auditor will have to verify with the Fund all members of management and non-bargaining employees in order to determine if any of them should be covered by the alumni agreement.  For those alumni being reported and for any that the payroll auditor discovered as not being reported.  Many of these individuals are now salaried and may make more than the bargaining unit employees.  The alumni agreement rules take this into account and usually call for various caps, either on hours to be reported, or wages.  For example, a weekly contribution may be stated as 40 hours times the highest prevailing wage rate at the time.

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