This ranks up there with the most confusing things the Yahoo Groups team has ever inflicted on us, but the time zone displayed in the upper right is not the group's reminder time zone. Rather, that displays your personal calendar time zone. In particular, each member sees his or her own personal time zone setting there.
Events on the calendar, both your personal calendar and the group's calendar, are shown to you using your personal calendar time zone, and likewise for each member. See the first screen shot cited below. The marker inconsistency is irrelevant, but the screen shot does demonstrate that two members, in different personal time zones, each see the events in their local time zone.
So the time zone display being GMT indicates that you haven't set your personal calendar time zone. Start by doing that, see the second screen shot, and its comments. Once you do that you will find that all the events will have shifted to reflect your current time zone.
If you had previously entered them at GMT you'll need to edit each of them to express the time in your own time zone.
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