The panel is a 120Hz and the television itself is 120Hz. I think what you're seeing on the back of the television is the Hz of electricity measurement of the power supply.
What page of the manual are you referring to?
I find this very interesting and disturbing! If you look at CNET, Best Buy, Amazon among others you will see that the specs on the TV are 1920 x 1080 @ 120HZ. I purchased this TV and see that information is incorrect. The MANUAL along with the BACK of the TV states 60HZ?? I spoke with someone and they stated that it had to do with the frequency/incoming signal. What does that have to do with anything? I'm sure the price I paid for this TV was based on 120HZ not 60HZ. I'm a little upset.