I recently noticed that the "Daylight savings time" check box was NOT checked in the site settings, so I fixed it. Website time is now set to GMT-4, which is also server time and U.S. Eastern Daylight Time.
The effect of the fix is that the time should now show up correctly below the calendar widget on the left side of the page, and when you mouse over event times on the calendar itself, the event time in your local time zone should also be correct in the pop-up.
If you are NOT seeing your local time correctly in the calendar popups, go to your profile and make sure your time zone is set correctly .. you need to select the proper time zone from the drop down (which shows standard time zones), and then check or uncheck the "Observe Daylight Savings Time" box, depending on whether your area uses daylight time or not.