2014 Its the new version, i have it too. They still work seperately. if you have plug-ins just copy your directory plugin from the folder photoshop cc to photoshop cc 14 and most of them will work in CC 2014
Yes, they are two separate apps, just like CS5 and CS6 are separate. You can keep both of them if you want, as there are some features that have been removed from CC 2014. I have PS CS6, CC, & CC 2014 on my computer.