Wrong dates for Google Calendar repeating event

I am subscribed to my own Google Calendar in iCal. It seems to work fine except for repeating events I have created in Google Calendar:

I have a regular meeting on the second Tuesday of every month, which shows up in iCal on the same day each month (e.g. the 12th), instead of on the second Tuesday. Is there some reason that iCal cannot handle the rules for repeating events from Google Calendar?

All software current for 10.7.4