Notwithstanding any provisions of the group life insurance policy purchased by the Kansas public employees retirement system under authority of Kan. Stat. Ann. §§ 74-4927 to the contrary, the board is authorized to waive the provisions of the group life insurance contract requiring that an individual who became eligible for insured death benefits under the provisions of Kan. Stat. Ann. § 74-4927b, must not be disabled on July 1, 1973, when such individuals were on a leave of absence. Insured death benefits for such individuals shall be based on compensation for the twelve months preceding July 1, 1973.