iCal reminder date wrong by YEARS on iPhone

I created an event for the date Wed. Sep. 5th, 2012 in an iCloud Calendar on my MacBook Air.

I added two (2) reminders:

• 1 day before
• 2 hours before

When I open the event on my iPhone, the q day before reminder is okay, but the 2 hours before reminder says the following:

Wed. Mar. 31, 1976

I deleted the event and started fresh to see if that would correct it, but the issue was still there.

I have tried turning off Time Zone Support.

If I create the event from my iPhone the event is fine. So that is the workarond, but that is not how I usually work.

Obviously this indicates that something is out of sync. Does anyone have any idea what it may be?

Thanks for any help.