No, it means your app should have at most 60 db connections open in it's connection pool. That just means your app can only send 60 simultaneous requests to the db.
It has nothing to do with logged in users, but if your 61 logged in users simultaneously send requests to your app, one of them is going to wait a bit till a connection is free in the connection pool.
http://api.rubyonrails.org/classes/ActiveRecord/ConnectionAdapters/ConnectionPool.html