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Description of problem:
With older ntp versions, the -x option was sometimes used as a workaround to avoid kernel inserting/deleting leap seconds by stepping the clock and possibly upsetting running applications. That no longer works with 4.2.6 as ntpd steps the clock itself when a leap second occurs.

The fix is to treat the one second offset gained during leap second as a normal offset and check the stepping threshold (set by -x or tinker step) to decide if a step should be applied.

Version-Release number of selected component (if applicable):
ntp-4.2.6p5

How reproducible:
Always

Steps to Reproduce:
1. add -x to /etc/sysconfig/ntpd
2. wait for leap second
3. observe how was clock corrected

Actual results:
step

Expected results:
slew

Just so its all together:

upstream bz: http://bugs.ntp.org/show_bug.cgi?id=2745

discussion in upstream seeded by Miroslav, wether one should get the behaviour to "get leapseconds slowly" or not: 
http://lists.ntp.org/pipermail/questions/2015-February/039885.html

Bug 1199978 is this clone for rhel-6.6.z and has released ntp-4.2.6p5-3.el6_6 which can be used for the following:

Red Hat Enterprise Linux Desktop (v. 6)
Red Hat Enterprise Linux HPC Node (v. 6)
Red Hat Enterprise Linux Server (v. 6)
Red Hat Enterprise Linux Server EUS (v. 6.6.z)
Red Hat Enterprise Linux Workstation (v. 6)

cf.
https://rhn.redhat.com/errata/RHBA-2015-0690.html

Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.

For information on the advisory, and where to find the updated
files, follow the link below.

If the solution does not work for you, open a new bug report.

https://rhn.redhat.com/errata/RHSA-2015-1459.html