1. A system comprising: a processing element, comprising: a clock; a thread suspend/resume logic block, configured to suspend execution of a thread without interrupting the processing element and in response to a received suspend thread instruction; a local reference clock, coupled to the processing element and to a peripheral device, wherein the peripheral device is configured to provide a global time to the processing element; and a time monitor circuit (TMC), wherein the TMC is configured to: receive an indication of a wakeup time; discipline the clock via adjustment of the global time based on a difference between a local reference time and a subsequent local reference time, thereby compensating for latency due to the provision of the global time by the software, wherein the subsequent local reference time is retrieved from the local reference clock, wherein the global time is provided by software, and wherein to provide the global time, the software is executable to: retrieve the local reference time from the local reference clock that corresponds to the global time; and provide the global time and the local reference time to the processing element; monitor time via the clock until the wakeup time obtains; and invoke the thread suspend/resume logic block to resume execution of the thread in response to the wakeup time obtaining.