This is an issue with JDK8 in Eclipse, when you try creating a Generic JAXB2.2 project.
For fixing the issue in Eclipse Mars, do the following: While creating the project, select your Target Runtime as JDK7 and that will fix it. I have tried it myself, and it has worked fine!
If you want to continue to use JDK8, in the last screen of project creation, in JAXB implementation type, select "Disable Library Configuration" instead of JRE. This will remove the error and let you create the project. But I would suggest don't go for this as this may introduce more error in the future.
To use JDK8 in Eclipse Luna, a patch has been published to fix this issue. You can check it here: configure Generic JAXB 2.2 Platform with Java 1.8. I haven't tried it myself, but from the comments it seems the issue is resolved.