I just started getting this error (in AE 2014.2) when I upgraded (trial version) to the new Trapcode package (v13. The one with Tao).
Unchecking the “reduce cache size when system is low on memory”, seems to help, but it’s a total workaround. I’m running 96GB of RAM!
Mid-2010 Mac Tower
OS 10.10.3 (Yosemite)
GeForce GTX 680
96GB RAM
2 x 3.06 6-Core