I have set up external NTP synchronization on a 2950 switch which works fine while the switch is powered on. However if the switch is cycled with a "reload" command, the time established is way off once the switch comes back up. Is this the expected behaviour?
This is expected behaviour because the 2950 does not have a hardware clock which can keep the time between reboots. As long as your switch is resynching it's time via NTP it is nothing to worry about.