Use the in_time_zone method of the DateTime class
Loading development environment (Rails 2.3.2)
>> now = DateTime.now.utc
=> Sun, 06 Sep 2009 22:27:45 +0000
>> now.in_time_zone('Eastern Time (US & Canada)')
=> Sun, 06 Sep 2009 18:27:45 EDT -04:00
>> quit
So for your particular example
Annotation.last.created_at.in_time_zone('Eastern Time (US & Canada)')