The filter is a "notch" filter, which attenuates signals at a specific frequency. It is used to filter out any pickup from the "mains" alternating current.
It defaults to 60 Hz, because Allen-Bradley is an American company, but it has options for other mains frequencies. Over here in the UK our mains frequency is 50 Hz, so we are constantly changing from the default of 60 Hz when we commission new modules.
Well that explains, two of the values you can choose. I don't know why you would need a 10 Hz notch filter, but the larger ones, 250 and 500 might have something to do with submarines, or aeroplanes, as at higher frequencies less copper is needed in coils to create the same reluctance.