The agent you spoke with probably had never heard of password vault because it was removed from the product with the 2010 release. I'm not sure why you just got that update.
Here is an FAQ article that contains a recovery utility and instructions. Hopefully, we'll be able to get your passwords back, but no, there is no password vault in the security suite anymore.
How can I access by Password Vault data after my McAfee Security products upgraded
and Password Vault is no longer available?: http://service.mcafee.com/FAQDocument.aspx?id=TS100894