I believe so. In order to check that it's running properly, run "ntpq". You can use it to check the status of the NTP daemon.

When you run ntpq, type in "peers" or "pe". This will return a list of all the servers you're conected to, with some related information. If it's working right, one of them should be marked with an asterisk, which indicates that it's the one being used to sync to. If it's still working on initial sync, it'll use a plus symbol for the one it will sync to once it's going good. Now type "associations" or "as". This will show the same servers, without good identifiers. Find the one listed as "sys.peer" (or the other odd man out if it's still in initial sync), assuming I remember all this correctly. Then type "pstatus" or "ps" followed by the appropriate assID from the associations list you just ran. This will produce a lot of information about the peer.

When you initially start the ntp daemon, it'll show all eight columns at the bottom of the pstatus output at zero. As it contacts the remote NTP server, it'll start to populate those columns. After it's done with all eight, it'll zero them back out and start over. Once it's filled them all up again, it'll start syncing your system clock. However, if the system clock is way off, it'll refuse, so make sure you run ntpdate once before starting your ntp daemon.