I encountered the same problem when I updated CC a few months ago and then same problem again when I tried to use Premiere CC 2014. Just today I installed Windows Service Pack 1 and all is working fine with both. So there is definitely something in the Windows updates that Premiere and Encoder needs. I tried everything, spoke with Adobe support for hours, bought new video card, re installed windows all to no avail. So am happy to have discovered solution today and hope others with similar problems find this useful to know! also.
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