On some 2960s, the time displayed is GMT, even though the time zone is set correctly.
Cisco IOS Software, C2960 Software (C2960-LANBASEK9-M), Version
12.2(37)SE1, RELEASE SOFTWARE (fc1)
com-feed-0#sh clock
20:25:46.353 PDT Wed Jul 23 2008
com-feed-0#sh ntp assoc
address ref clock st when poll reach delay offset disp
*~10.99.16.5 69.36.240.252 3 40 64 377 0.6 0.24
0.1 * master (synced), # master (unsynced), + selected, - candidate, ~ configured
10.99.16.5 is a perfectly working ntp server that keeps time on dozens of machines correct.