Synthetic Time Revisited – Y2K?

I’ve inherited a 4.11 server that’s displaying those annoying “Synthetic Time” messages. The hardware clock is correct, but issuing “Time” at the command line tells me that DST Start is April 4, 2038, DST End is October 31, 2038, today is Sunday, February 7, 1988 11:06p UTC and 6:06p EST. All this on Tuesday, January 2, 2001.

Is this a belated Y2K issue and, if so, what do I need to do? I’ve tried the stuff Steven Pittsley recommended and it hasn’t helped.