I have a PSD/Text layer with 3D selected, Scale and Opacity are set. The layer in photoshop is a text layer, if this why it is not allowing transparency?
Here is a screen shot.
But if I turn off 3D it will function just fine...
https://www.dropbox.com/s/ql3n10f3ke3nahz/7-8-2013%202-21-26%20PM.png
AE CC
Windows 7 Ent x64.