Important Changes for 2002 Increase in the limit on elective deferrals. Effective for years beginning in 2002, the limit on elective deferrals has been increased from $10,500 to $11,000. Credit for elective deferrals. Effective for years beginning after 2001, you may be eligible to take a percentage of your actual elective deferrals as a credit. For more information, see Publication 553.