"To transition to the new plan, on March 29 your unused vacation balance will be cleared and on March 30 you will be eligible to use 100 percent of your vacation hours for calendar year 2014, minus any negative hour balances. These hours should be used by January 3, 2015, which is the last day of the pay period for the calendar year, or you will lose them."
There are basically two situations that are interesting, those who are already at the maximum, or above. Then there are those at zero, or below. If you are at or near the maximum, this new plan will, as described, effectively take your earned hours away on January 3, 2015. For those who are at or near zero, it sounds like you are being given hours, and your gift will be taken on January 3. Certainly those who are given extra hours have little to complain about, other than the transition. Those who have weeks of accrued vacation saved up have much to lose, and nothing to gain.