Help understanding Vacation Pay
 

Recently hired and received a package of the benefits plan offered.
Need help translating some of the stuff b/c first time I've been offered a 'real-job' post graduation.

Does this mean that :
a) at the end of the year, after I've taken all my vacation time off, they would have paid me 6% of my annual salary while I was on Vacation?
b) they will be paying me at 6% of my daily salary while on Vacation?...

Those are questions for your companies HR department.
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-If you multiply your annual base wage by 6%, that's the equivalent of paying you out for 15 working days (or 3 weeks paid vacation)
-If you multiply your annual base wage by 8%, that's the equivalent of paying you out for 20 working days (or 4 weeks paid vacation)
-As a rule of thumb, you accrue this 'vacation' with each pay cheque. If you are on a semi-monthly pay cycle (you get paid twice a month), you would then accrue 0.625 (15/24) days of vacation

To answer your question,
A) No. If you take all 15 days of vacation for the calendar year, then your employer owes you nothing. If you've only taken 10 days, then the company would either pay out the 5 days remaining, or let you roll it over the following year. (You should check HR to see if they have a vacation roll-over policy. Some companies have a use it or lose it policy)
B) Pretty much, they're drawing down on your accrued vacation balance when you take time off (assuming your bank has a positive balance)