If you're asking about the low cost iMac introduced a couple if days back, then no, its memory is soldered in... There was no other iMac introduced in 2014 so far. I remember an article about it, but dont have the link with me right now.
Edit: just read your original question again... Looks like you are asking about the 27 inch iMac, but the latest was introduced late 2013, not 2014. As others have mentioned, the memory in the latest 27 iMacs are user upgradable.