I had the same problem. And, I could not migrate settings. I found another thread about the same problem that suggested reset preferences on Photoshop launch, but that didn't work. the post also suggested to reset permissions for the library preference folder. Mine was fine.
But to fix it I had to go to the main library Preferences folder and reset permissions for the Photoshop CC 2014 Paths file and Photoshop CC 2014 Settings folder.
I am disappointed that Adobe shipped an upgrade with such a fundamental flaw. I feel I should say something disparaging and derogatory about Adobe quality control, about how as a loyal customer, using Photoshop since version 2.5 and a CC subscriber I expect better. But, I'll leave those remarks to others.