How can I tell if my Mac is keeping the clock updated properly?

I would like to know what the default settings for OS X are in terms of keeping the clock adjusted when I enable automatic time sync in the Date & Time preference. I do know that the venerable ntpd daemon on Mavericks (10.9) and Yosemite (10.10) is no longer responsible for adjusting the time and instead a new program pacemaker has been introduced — so how can I know things are working or need adjustment to keep time?