Thanks to an insightful comment, I have managed to fix my problem!
It was either spread spectrum or the d.o.t. (overclocking) technology
by MSI. Disabling these settings in BIOS helped me get a way better
setting (some milliseconds difference) -- now ntp and adjtimex work
without warning about +/- 500ppm!

https://bugs.launchpad.net/ubuntu/+source/adjtimex/+bug/553237/comments/11
https://bugs.launchpad.net/ubuntu/+source/adjtimex/+bug/553237/comments/12



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