First of all, you said it's a rumor. Don't get too bent out of shape until you know if it's a fact or not.
Under some circumstances, and you have not given enough information for us to know if they apply here, employees must be given 60 days notice of a layoff. However, even in the circumstances where it is required, there are exceptions, and pay in lieu of notice is permitted.
The state of Ohio does not require that vacation time be paid out at all, and NO state requires the payout of personal time. NO state requires that severance pay be given. So unless the company has a CONTRACT with its employees (an employee handbook is not enough unless it's very poorly written) and is violating it, not only are no laws being broken but the company is going above and beyond what is required.
In regards to changing the date of the layoff, assuming that this is true (I have been through enough layoffs on both sides of the desk to know that not all rumors are true by a long shot) it MIGHT be a violation IF the cirumstances are such that 60 days notice is required. But since neither state nor Federal law requires that vacation or personal be paid out and since pay in lieu of notice is an acceptable alternative, having them use vacation and personal time for the difference is almost certainly acceptable.
I'm sorry, I know this is not the answer you want.