It's a major TU, fluids changed including brake fluid BUT mostly, you'll get your original serpentine drive belt replaced and that's ESSENTIAL. The info as to what's done is in your owners maintainance/service book.

I work at a dealer and we're now seeing many newer car owners declining this major service on their cars but what most don't know is that their serp belts are cracking and WHEN it breaks, pieces of it get caught under the lower t-belt cog gear and that causes the t-belt to jump teeth. When that happens, valves hit pistons and the repair is VERY expensive. It's going to be a major problem for many in the forseable future and when that happens, it won't be anyones fault but the owners, not Volvos.

So....if you opt to skip the 60K, at least get your serp belt replaced before it breaks. That's probably the most important part to replace at that time.