date('now') returns 12/31/99?

Hi, on my box I do get the correct date if I type "date" from the shell.
When I'm in psql and I insert a row with a "date" field using "date('now')",
and then select it back out, it says 12-31-99.

What does postgres ask of the system to get the date?  Could this be a Y2K
bug with my bios or is there something else I should check?

This is Redhat 6.0 on a P233 running postgresql-6.5.3-3

Thanks,
Curt Sififert