Run a forum search. You'll find plenty of posts.
Thanks Ann. This thread has the exact fix which is uninstalling the security update kb2803821. It worked instantly and did not even have to reboot.
Just a guess, but it was possibly set to expire on a certain date, thinking that by then, MS would have provided a fix for their Update?
I had to change the Expiration Date of the ANNOUNCEMENT in Premiere Elements Forum, as I cannot find that MS has gotten a new Update out - yet.