Terra has over 20 years’ experience advising both provincially and federally regulated employers and plan administrators, primarily in the private sector, on all legal issues relating to DB and DC pension plans and benefit plans, including: governance, fiduciary responsibilities, plan administration and regulatory compliance, funding requirements, pension fund investment and surplus utilization.
Terra has a wealth of experience advising private sector employers restructure their legacy DB pension arrangements, including investment restructuring and de-risking initiatives (e.g., buy-in and buy-out annuity purchases), plan mergers and plan wind-ups.
Terra has extensive experience advising on pension and benefit matters in corporate transactions, including mergers and acquisitions, insolvencies and restructurings.
Is currently advising a large professional association on the development and implementation of a novel retirement program for its 40,000 members.
In 2018, advised the employer sponsor of a public sector jointly sponsored pension plan on the creation of a new benefit option under the plan for the not-for-profit sector.
Acted as pension and benefits counsel to a large steel manufacturer in its 2014-2017 Companies Creditors’ Arrangement Act proceedings, in which the restructuring of legacy pension and post-retirement benefits were a critical aspect of the restructuring. Acted for this employer in 2018 in the successful further restructuring of the "post-retirement benefit deal" with the unions and retiree groups.
In 2015-2016, acted as pension counsel to one of two pension plans who entered into a novel $530 million buy-in annuity transaction where longevity and inflation risk were transferred to the insurer. This was the largest transaction of its kind in Canadian history.
Terra Klinck has acted for both purchasers and sellers, advising on pension, benefits and employment matters, in a number of corporate M&A transactions in recent years.