This bug was fixed in the package systemd - 229-4ubuntu21.31

---------------
systemd (229-4ubuntu21.31) xenial; urgency=medium

  * d/p/lp1878969-time-epoch-use-source-date-epoch.patch:
    - Fix configure.ac change to set time epoch
      (LP: #1878969)
    
https://git.launchpad.net/~ubuntu-core-dev/ubuntu/+source/systemd/commit/?id=30bf11d2759499ec94d3b82eaf22f55583f4758b

systemd (229-4ubuntu21.30) xenial; urgency=medium

  * d/p/lp1878969-time-epoch-use-source-date-epoch.patch:
    - Set time epoch using $SOURCE_DATE_EPOCH
      (LP: #1878969)
    
https://git.launchpad.net/~ubuntu-core-dev/ubuntu/+source/systemd/commit/?id=9e1ad364d94b3619947c541b72aa506010ee3f38
  * d/p/lp1913763-udev-rules-add-rule-to-create-dev-ptp_hyperv.patch:
    - Create symlink for hyperv-provided ptp device
      (LP: #1913763)
    
https://git.launchpad.net/~ubuntu-core-dev/ubuntu/+source/systemd/commit/?id=ae39f8878ca5dabb4e9d8ba5ebdb6ed003993b9f

 -- Dan Streetman <ddstr...@canonical.com>  Thu, 01 Apr 2021 22:51:58
-0400

** Changed in: systemd (Ubuntu Xenial)
       Status: Fix Committed => Fix Released

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https://bugs.launchpad.net/bugs/1878969

Title:
  time-epoch never changes in SRUs

Status in ubuntu-core-initramfs:
  Fix Released
Status in systemd package in Ubuntu:
  Fix Released
Status in systemd source package in Xenial:
  Fix Released
Status in systemd source package in Bionic:
  Fix Released
Status in systemd source package in Focal:
  Fix Released

Bug description:
  [Impact]

   * Systems without hwclock come up with a fixed time epoch which is not 
updated in SRUs
   * Ideally booting with a newer built of systemd should move time epoch to be 
at least when systemd was last built. For example to the value of 
SOURCE_DATE_EPOCH.

  [Test Case]

   * Boot without network NTP or hwclock
   * Observe that the epoch is the same as the time when NEWS entry in the 
systemd source code was last touched.
   * Boot newer update of systemd, observe that the time epoch is at least 2020

  [Regression Potential]

   * Bad epoch, may result in unable to perform TLS connections,
  validated GPG signatures, and snapd assertions. Changing epoch to be
  more recent is desired. Some machines may rely on the fact that
  "bionic" without hwclock always comes up in year 2018. But in practice
  that is incorrect thing to do.

  [Other Info]
   
   * By default

  option('time-epoch', type : 'integer', value : '-1',
         description : 'time epoch for time clients')

  in systemd is set to the modification time of the NEW entry
  time_epoch = run_command(stat, '-c', '%Y', NEWS).stdout().to_int()

  If available, it should be set to SOURCE_DATE_EPOCH=1585051767 value
  to be compliant with the https://reproducible-
  builds.org/docs/timestamps/ specification.

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