Right now the below code produces CONTENTS output with no variable labels (or, the var names are repeated in the labels, which is about the same). That's a shame because Teradata has a nice field (and even table) commenting feature that seems to me the exact analogue of SAS' variable labels.
It should be possible to have these labels go into & come back out of the server's metadata tables.
libname td teradata &td_goo ;
data with_labels (label = "A nice descriptive label") ;
x = "Hey" ;
y = "Ho" ;
z = "Let's go!" ;
x = "The first word of the chorus"
y = "The second word of the chorus"
z = "The third word of the chorus"
data td.labels_gone ;
set with_labels ;
proc contents data = td.labels_gone ;