Quote Quoting JackBlanco
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Thank you everyone for verifying what I already suspected. It's nice to know I can proceed forward knowing exactly what my options are. I've already updated my resume and started looking. I appreciate you all taking the time to respond.

I just was going through my old e-mails and realized I do have something in writing, from my new boss with Company B, that states:

"I am please to announce that efective February 3, 2014 you will join the team as an <job title> reporting to <boss>. In this new position, your salary, benefits, sick/vacation balances will remain the same. However, you will transfer to an hourly position in which you will be eligible for overtime and you will need to submit a time card each pay period for hours worked.

We look forward to you taking on these new responsibilities and know that you will make a great addition to this team. Congratulations!"

She signed it and had me sign it. Does this make any difference?
Unfortunately no. There was no time specified (e.g. 1 year, 5 years, etc) in which they would pay you that rate. So, since you were not guaranteed that income for any set period of time the employer is free to change that pay at any time.