Secure Annuity Income for Life Act of 2003 - Amends the Internal Revenue Code to exclude from gross income a percentage of lifetime annuity payments from a qualified trust to a qualified distributee. Provides for recapture and taxation of payments that are modified (other than by death or disability) so as to not qualify as lifetime annuity payments.
Applies such exclusion to: (1) section 403(a) plans (employee annuities); (2) section 403(b) plans (public schools and certain tax exempt organizations); (3) section 408 plans (individual retirement accounts); and (4) section 457 plans (deferred compensation plans for State and local governments and tax-exempt organizations).
Defines: (1) "lifetime annuity payment"; and (2) "qualified distributee."