IOS – Incorrect time on .ics invitations

All of my calendars are on iCloud (synched to Outlook 2013 on Win7, and on my iPad and iPhone). At least most of the time (possibly every time) I receive an .ics meeting invitation, the time is incorrect. This seems to be exclusively tied to time zone differences, but makes no sense.

For instance, I received an invitation yesterday from someone in California (PST). They had set the meeting for 08:00 their time. I am in EST (+3 hours). The invitation (and the resulting calendar item after I accepted) show as 10:00 for me. Clearly this is neither my time zone nor the originator's. When I look at the entry in iCloud, it shows a "Floating" time zone. I cannot change the time of the event in any of my tools (Outlook, iCloud, or iOS), presumably because it of restriction of permissions on events created from an invitation. I also cannot delete the item (without rejecting the invitation), so my only recourse has been to create a duplicate entry at the correct time, hoping I won't be confused by this in 6 weeks on the meeting date.

Is there any way for me to handle these .ics invitations and have them end up showing properly in my calendar?