ActiveRecord does not convert time attributes to proper timezone

Problem found in Rails3-beta3

ActiveRecord does convert the time attribute to UTC on saving to the database, but does not convert it back to the right timezone.

# config.time_zone = 'Amsterdam' (in application.rb)
ruby-1.8.7-p249 > e = Event.create(:event_time => Time.zone.parse("10:50")) # 'event_time' is a time-field
puts e.event_time 
#=> Thu May 20 10:50:00 +0200 2010
e.reload
puts e.event_time
#=> Sat Jan 01 08:50:00 UTC 2000 <-- ActiveRecord should convert this automatically right?